Supply Chain Credit Reporting Service

Regardless of where you sit in the supply chain, uncertainty is increasingly becoming the new normal, and limiting risk wherever possible is critical.

This is especially true when adding new customers and trading partners, particularly those with poor financial history or an unreliable track record of paying invoices on time.

Accessing accurate data when assessing the financial health of a customer isn't always easy. Routine reference checks are often manual and time-consuming, rarely offering a reliable and complete picture of a customer's real-world financial status. This can result in high limits and overly favorable terms being issued to customers with inadequate credit history, while others with stronger credit capacity may receive less favorable terms.

While you generally want to extend as much credit as possible to your customers, it's important to determine how much credit you can afford to offer and ensure you're making well-informed credit decisions.

Risk exposure isn't limited to new customers; it also applies to current and existing customers. Keeping track of the financial performance of hundreds or thousands of customers and partners globally can be challenging. A company's financial circumstances can change instantly, increasing the risk of late or non-payment.

Best practice credit checking

Developed in partnership with illion, a leading provider of credit risk services in Australia and New Zealand, CargoWise Credit Reports helps operators make well-informed credit decisions with direct access to data on more than 2 million commercial entities in Australia and New Zealand, and many more globally.

illion's range of data-driven reports include:

• ​Comprehensive reports: Cover everything needed to make informed credit decisions, including basic verification information, directorships, corporate ownership structure, full company financials, financial stability and payment predictors, and trade payment information.
• ​Failure Risk reports: Feature predictive scores on the likelihood of a company experiencing severe financial distress or failure in the next 12 months. These reports provide a greater understanding of a company's long-term viability and industry comparison, including identification data, directorships, corporate ownership structure, adverse information, and basic company financials.
• ​Late payment risk reports: Combine late payment predictor scores for the probability of on-time payments and an overall industry comparison score. They also include identification data, directorships, corporate ownership structure, adverse information, and basic company financials.
• ​Commercial Bureau inquiry reports: Provide real-time access to Australian Securities and Investment Commission (ASIC) data, confirming entity existence and legal status, ownership, shareholders, directors, and any past or current adverse events.

Managing and monitoring customer credit

With recent global events, even low-risk customers may now be at higher risk of overdue payments, or they may be doing well and could benefit from extended credit. CargoWise Credit Reports helps monitor and maintain awareness of the financial health of existing customers, providing access to recent credit events via illion's commercial bureau, including up-to-date views of financial health and changes in directorships, ownership status, or shareholdings.

Teams can receive automated credit event notifications using CargoWise's configurable workflow tools, helping identify high-risk accounts before they impact cash flow, as well as opportunities for further business.

Data when you need it

Accessing up-to-date credit reports is a significant step for any business. Asking operators to switch systems can increase overheads and introduce error-prone processes. CargoWise Credit Reports is fully integrated and accessible directly within your operating system at the point of need, enabling efficient and scalable credit assessment processes, faster growth, and reduced costs.