Coface UK & Ireland are launching a new initiative which continues to improve dialogue and maintain confidence between businesses trading on credit, in line with its Transparency Charter.
Now more than ever, keeping a business’s credit status up to date is a crucial activity, either for businesses at risk of their credit rating declining, should their latest filed financial results be poorer than those filed before the recession, or for businesses showing either a stable or improving position on their financial accounts.
This is where Coface, in association with a new service called CreditPal and information partner Graydon, have joined forces to help businesses update and ultimately improve the accuracy of their credit rating.
By registering with Coface’s Transparency Charter and accessing CreditPal’s online platform via the Coface website, a business of any size can upload its financial data directly from their accounting package. This data is first validated for its accuracy and quality and then shared with Coface’s information partner Graydon, who will analyse the financials in order to express a credit rating. The business can then choose to share this report with Coface.
Andrew Share, Coface Credit Management Services Director comments “This initiative, starting mid April 2010, empowers businesses to gain the best credit assessment for their business. We are delighted to have a partnership with CreditPal, a secure and unique online service that collects, validates and standardises management accounts in order to provide up to date credit information and recommendations. It is an exciting opportunity for businesses to proactively update their credit rating, and ultimately obtain the best level of credit insurance cover on themselves. In doing so we are enabling every UK business to obtain the best possible terms and conditions for trading on credit.”
Martin Williams, Managing Director of Graydon adds "The CreditPal Service, in association with Coface and Graydon, provides an opportunity for UK businesses to have their current creditworthiness assessed based on up to date monthly management accounts. Without this service, too many businesses may be held back from trading out of the economic crisis by poor looking statutory accounts covering the recessionary years of 2008/2009."
Chris Poll, Chairman and CEO of Future Route, provider of CreditPal concludes "The credit crisis and resultant drought of finance and credit emphasised to every UK business that it is essential for them to be considered on their own individual financial merits. At the same time the finance and credit industry is increasing the degree to which it assesses and prices their services based on their customer's latest management accounts. This is a real win win for everyone concerned and is key to getting the economy out of recession and growing again."
For businesses submitting their latest financial information through CreditPal and updating their credit rating with Coface, there will be valuable business benefits:
- gaining the best credit assessment for their business
- improving the access to better credit and finance
- improving the chance to extend more credit to their customers
- improving access to credit insurance cover on themselves enhancing the financial management of their business
Coface in the UK and Ireland, one of the leading credit insurance companies, together with CreditPal, a service provided by Future Route, and Graydon a major UK credit referencing agency are working together to facilitate the posting of management accounts in order to improve trading on credit amongst UK businesses.
Businesses can access this service through www.cofaceuk.com and go to the Transparency/CreditPal page.
For information about Coface and press enquiries, please contact:
Trevor Byrne, Tel: +44 (0)1923 478393;
Coface's mission is to facilitate global business-to-business trade by offering its 130,000 customers four business lines to fully or partly outsource trade relationship management and to finance and protect their receivables: credit insurance, factoring, ratings and business information and receivables management.
Thanks to the worldwide local service delivered by 6, 500 staff in 67 countries, over 45% of the world's 500 largest corporate groups are already customers of Coface. Coface is a subsidiary of Natixis whose share capital (Tier 1) was 12.7 billion euros at the end of December 2009.
In the UK and Republic of Ireland Coface has been a leading provider of credit management services since 1993 - it’s objective being to enable businesses to trade securely at home and overseas. Operating from offices in London, Dublin, Watford, Birmingham, Leeds and Cardiff allows Coface to provide a local service.
The company’s credit insurance offer integrates credit assessment, collection services and cover for unpaid debts. Multinational businesses can protect their worldwide subsidiaries through Coface’s international network. Coface provides working capital and off balance sheet facilities to complement its product line.
The company also provides access to domestic and international business information and a collection network at home and overseas. Coface is also a recognised operator in the London political risk market and a provider of surety bonds and guarantees.
www.cofaceuk.com and www.coface.ie
Notes to the editor about CreditPal
CreditPal is an online service that complements an SME’s accounting software, allowing them to send validated and standardised management accounts to their chosen suppliers of credit.
CreditPal can also be used by SMEs to review and prepare detailed management accounts for internal use.
CreditPal is a service from Future Route Ltd.