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Trnsact and Creditsafe partner to accelerate and improve the commercial equipment financing process

By Edlyn Cardoza

September 16, 2022

  • Commercial Equipment Financing
  • Compliance
  • Credit Management

Creditsafe, Trnsact, Credit Monitoring, Risk Management, FinTech, Commercial Equipment Financing, Credit Risk Data, Credit Score, Compliance, Credit Management, HSBC, USATrnsact, a commercial equipment FinTech company, and Creditsafe, a global credit monitoring and risk management, announced a partnership to bring greater clarity and less risk to the commercial equipment financing process. Through this partnership, Trnsact will integrate Creditsafe’s credit risk data and scoring system into its credit application and finance management platform.

“Trnsact customers want to integrate the best tools and best data to manage risk and make rapid credit decisions for their customers,” said Vijay Patil, COO of Trnsact. “By integrating our platform with Creditsafe, we are able to power secure, compliant and expedited financing decisions, while deploying the best applicant data available for the decisioning process.” Patil has over two decades of experience managing risk for world-renowned brands like HSBC, Mitsubishi, and Yamaha.

Credit history plays a vital role in the financing process. The higher the credit score, the more likely businesses will be offered financing deals. But credit scores can be adversely affected by a history of delinquent payments, judgments, and bankruptcies. All this information clearly signals a company’s credit performance and risk level, which is vital before a financing deal can be offered.

However, when credit data is lacking or unreliable, it can open the door to financial, legal and compliance risks. This partnership aims to tackle the age-old problem of poor data quality and mitigate risks while also speeding up the decisioning process and improving the overall customer experience for Trnsact’s customers.

“As one of North America’s leading commercial equipment fintech companies, Trnsact is an ideal partner for Creditsafe,” said Matthew Debbage, CEO of the Americas and Asia for Creditsafe. “With their focus on built-in data management, security and compliance, the addition of our comprehensive credit risk data and proprietary scoring system will further strengthen Trnsact’s offering. Together, Creditsafe and Trnsact can empower equipment finance lenders to be more aware of the credit risks that pose a threat to their productivity, growth and success – and ultimately, be more proactive in mitigating those risks.”

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