Bectran, Inc., a pioneer in credit, collections, and accounts receivable software has recently introduced the industry’s first automated Secretary of State Corporate Verification service. This new service enables organizations to authenticate prospective business credit clients’ business identities and profiles by leveraging Secretary of State archives in all 50 states. This business identity authentication enables organizations to detect and separate prospective illegal activities.
At present, traditional business identity authentication is lengthy and susceptible to risk processes, which interrupts credit decision-making that extends the new client onboarding. Organizations confirm the individuality of prospective business clients and direct them toward the state-specific Secretary of State website, which consists of the data and conducts a physical search. When the number of transactions needing business authentication services is large, this procedure can take a long time. Discarding the business identification validation process, on the other hand, could result in the exposure of fraudulent businesses.
Louis Ifeguni, CEO, Bectran, stated, “Purchase credit fraud is best prevented during the credit origination process, so that companies can identify bad actors and prevent losses before they occur. Integrating Secretary of State Verification into the Bectran Credit Management system has enabled our customers to quickly validate business entity information in real-time, eliminating the need to manually search for corporate information in respective Secretary of State websites. This solution delivers immediate improvements to businesses’ fraud risk management efforts while creating a more efficient customer credit application process”.
The Bectran Secretary of State Corporate Verification solution marks an important step forward in the convenience, efficiency, and accessibility of business identification verification. This technology allowed firms to fully automate the business identity validation process while being fully compatible with internal audit regulations by dynamically sending information between the Bectran platform and Secretary of State databases. For speedier credit decision-making, Bectran’s real-time data validation cuts application processing time by up to 90%.
