After three years of development, Danske Bank is finally launching a B2B business intelligence service that helps clients monitor the financial health of their clients. This service was created in collaboration with Axeptia Credit Intelligence.
Following a pilot trial period in Norway, the Danish bank is making the technology available for business customers in Denmark, Sweden, and Finland.
According to Danske Bank, the technology is being made available in response to customer demand in light of growing concerns about credit risk.
The global head of markets and transaction banking at Danske Bank, Claus Harder, notes that Statistics Denmark’s most recent bankruptcy figures are running higher than they have in a very long time.
“While there may be a number of causes for this, the fact remains that our customers are becoming more uncertain as a result. They want to know if there is a risk of nonpayment or if their customers pay what they owe on time, he says. Companies yearn for a clear overview and predictability when it comes to their customers. Add to this the general unpredictability prevailing in the current economic situation.
Customers can access the tool via an app or the financial platform for business customers of Danske Bank.
The programme ingests information from the customer’s ERP system, credit information provider, and debt collection provider, visualises it, and then provides an overview and a roadmap for potential issues at customers that could.
The bank attributes the project’s three-year timeframe to the challenging procedures involved in bank and fintech partnerships.
“What drives us is the desire to develop tools and solutions that can benefit our customers,” says Harder. “We have realised that working with partners like Axeptia can help us achieve our goals faster.”