System for risk assessment and verification of business data and scoring

System ready to implement with the ability to adapt to your needs.

System that verifies business intelligence information and performs a scoring assessment of the credibility of an entity.

An advanced database integrator purposed for companies that allows business partner assessment and verification. It provides an uniform access to several independent data sources including general data bases (CEiDG, KRS, KNF), as well as credit bureaus, insurers, BIK or debt records.
This solution allows significant optimization of costs related to data acquisition and automated data processing.

Benefits in figures.

100%

of verification processes performed manually in 2017

90%

of verification processes performed manually in 2018

6 godzin

verification took in 2017

1 minuta

verification took in 2019

270

quantity of active clients in 2016

698

quantity of active clients 1-3 Q 2018

Client's needs

The project was initiated when building Navi Faktoring system for Pragma Faktoring SA — a comprehensive platform for factoring companies.

Further development showed that integration of credit process with automatic analysis of economic data was indispensable. Previously data collection followed manually only from some sources what took as long as 6 hours, therefore there was a need to reduce workload, speed up the process and provide automatic scoring during factoring limit approval.

Mint Software main objectives:

Establishing the system that will handle relevant issues namely: what sources shall be used, how to seek data, what data shall be considered and verified, and what data is relevant and irrelevant;

Human error prevention;

Work time reduction and potential client verification process time shortening;

Transfer of manual process into so called credit team workflow.

Applied solution

It took 3 years to build the system that consequently it covers the whole portfolio: from a supplier to recipients. During performance of works is turned out that changes related to the needs of the market, namely–scoring dedicated traditional factoring should be modified also; and it was simplified after some iterations.   

The implemented solution allowed to make use of all commonly available registers. More and more systems is operated with interfaces — API, and applications exchange data. The system designed by Mint Software collects data from different sources by prioritizing them what ensures immediate verification of any business entity.

Integration with external partners is based on Symfony 3.4 framework and RabbitMQ queuing to ensure system stability and reduce time to minimum when waiting for data. At present synchronization with twelve suppliers is provided what ensures complete data regarding any business entity.

Architecture was designed in manner that reduced to minimum developer work and ensured flexibility and customisation to changes of data structures delivered by independent suppliers. Continuous monitoring of integration reduced to minimum risk of downtime or receipt of wrong data. Furthermore used integration profiles ensure total control over performed integration processes.

Implementation

Mint Software along with Client engaged in design works purposed to elaborate and provide: data sources, handling the duplicates in external databases, risk assessment method and possible automation.

During workshops the scope of project was extended — data from database were made available to other systems of Client IT  infrastructure, e.g. settlement and CRM system. Next different suppliers underwent verification regarding technical capacity, and data structure was established purposed for entity database, as well as risk assessment algorithm was implemented along with the panel for algorithm modification with e.g. a change of rating criteria.

At the beginning Mint Software handled standard integration and then new functionalities were added e.g. verification of VAT payers or access to the National Register of Debtors.

Integrator is ready for further extension and any other sources may be coupled any time.

Advantages

Reduced to minimum both standard and extended verification time;

Immediate selection: system provides verification and reject 60% of businesses what ensures significant time savings for sales personnel;

Verification of several dozen scoring criteria (automation);

Integration with other systems employed by Company (access to data possible for other departments);

Fraud detection and prevention;

Access to history and updating of creditworthiness rating;

Maximally simplified interface with maintained access to key data.

Our programmers about the system

Bartłomiej Zając, Mint SoftwareEngineer Designer

To ensure high efficiency and availability a distributed architecture was employed what additionally provided for integrator scalability and possible integration of several hundred business entities at the same time.

References from our client

Jakub Holewa, Pragma Faktoring SA Vice-President

Mint Software knows finances inside out, and its team familiar with previous method of risk calculation has found the way to provide for IT based automatic calculation. Combination of financial expertise and technological know-how provided the optimal system.

What can we do for you?

Do you have an idea, an operating system? Are you in need of dedicated software or process automation and robotisation?

Contact us now.

We are here for you

We are here for you

+48 608 007 200

Monday - Friday

Monday - Friday

8:00 am – 7:00 pm

Mint Software

Mint Software

Jasnogórska 23 Street
31-358 Cracow

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We care about quality, scalability and compatibility with software engineering benchmarks. Business-oriented approach is our everyday life.