Bectran Launches Automated Driver's License Verification Solution to Help Businesses Mitigate Fraud in Real-Time and Achieve Faster Credit Decisioning
Credit, Collections & Accounts Receivable Software leader Bectran, Inc. has released an identity validation solution designed to streamline the customer onboarding process with increased security. The Bectran All-in-One Credit, Collections & Accounts Receivable Management Platform can now validate driver's license information through automation as part of the initial customer credit worthiness evaluation process, which isolates and reduces instances of fraud in new customer set up.
Fraud-proof credit management processes require that businesses verify the identity and risks involved in maintaining a business relationship with any given entity. Business owners prove their authenticity by providing a form of identification, usually a driver's license. Currently, credit departments rely on laborious and antiquated processes to ensure that personal identification forms are valid for new customer set up. Inadequate business identity verification capability can put businesses at risk of financial loss and significantly extend the credit processing turnaround time.
Bectran's automated driver's license verification solution was developed to further strengthen the suite of Bectran business identity management solutions, and to reduce the time needed to validate driver's licenses against the respective state's bureau. This solution securely captures, stores, and validates driver's license information, relying solely on automation without manual intervention. Furthermore, the driver's license verification results can be used as part of the auto approval model to instantly grant credit to businesses.
"With our enhanced idenity verification solution, we sought to design a solution that delivers instantaneous results through automation thereby eliminating the current costs associated with manual driver's license verification, especially in a high transactions volume processing environment. Integrating the automated driver's license verification solution into the Bectran credit management system has enabled our customers to eliminate manual tasks associated with the traditional business identity verification process, ultimately delivering faster credit processing turnaround time," said Louis Ifeguni, CEO of Bectran.
Additional Resources and Availability
The Bectran Driver's License Verification solution is now available to our customers.
About Bectran, Inc.
Bectran, the industry leading SaaS platform, has grown rapidly over the years to become the companion toolkit for the Credit Department just as CRM is for the Sales Department. From simple to complex organizations and SMEs to Fortune 500 companies, Bectran has helped companies cut down the time to process and approve credit by over 90% while significantly lowering the risk of credit defaults and the cost of collections.
A growing number of companies are depending on Bectran to manage their Accounts Receivable and Collections. With significant process and task automation, companies are able to cut down the cost of collections by as much as 60-90% while accelerating the cash receipts cycle with complete and accurate cash applications.
Bectran's clients enjoy the ease, speed, and cost-effectiveness of adopting the Bectran platform. New clients are onboarded in a matter of days or weeks. Credit professionals in various industries have described the Bectran platform as the future of the Credit Department. To learn more, visit www.bectran.com
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