Local IT exporters now have access to the credit ratings for over 50 million companies in 93 countries, representing 90% of world trade.
"An international credit database, introduced by local credit insurer Coface, now brings SA companies into the world's mainstream economies in terms of accessing international credit information," says Coface senior information technology manager Paulo Solipa.
"Over 80 people overseas are involved in updating the company-specific and country credit rating database. It is one of the largest credit rating databases of its type and is used extensively in Europe," says Solipa.
"The easily accessible information has created opportunities for companies to identify potential import and export partners, providing an immediate view of the prospective client's credit-worthiness," says Solipa.
"The information can assist local exporters in identifying safe markets both locally and overseas while ascertaining the credit-worthiness of potential customers, irrespective of their location around the world," says Coface MD Garth de Klerk.
"Without an internationally-recognised database of this sort, it would be difficult for local exporters to obtain information on the credit-worthiness of a specific market or overseas company," he says.
Coface customers can also administer their credit insurance portfolio online. Worldwide, over 60% of its customers use this Web facility.
They apply for credit cover for a specific debtor on the Web, and if accepted, will receive an automatic online credit limit guaranteed by Coface.
"This saves on time and paperwork, and streamlines the entire credit application process," says De Klerk.
"Overall, these added-value IT-based services have not been easily accessible to the local credit insurance industry. Through this tried-and-tested credit information system, local companies are now able to gain a competitive-edge, trading locally or overseas," says Solipa.
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