(4 May 2023 – Europe) Danske Bank is rolling out a B2B business intelligence service developed in partnership with Axeptia Credit Intelligence that helps clients keep track of the financial health of their customers.
The Danish bank is making the technology accessible for business customers in Denmark, Sweden and Finland following a pilot trial period in Norway.
Danske Bank says the technology is being introduced in response to customer demand in the face of escalating worries over credit risk.
Claus Harder, global head of markets and transaction banking at Danske Bank points out that recent bankruptcy numbers from Statistics Denmark are running higher than they have for a long time.
“While there can be multiple reasons for this, the fact remains that uncertainty among our customers is increasing as a result. They want to know if their customers pay what they owe on time, or if there is a risk of non-payment,” he says. “Add to this the general uncertainty pervading the current economic situation and what emerges is a longing among companies for a clear overview and predictability when it comes to their customers.”
Customers gain access to the tool through an app or via Danske Bank’s financial platform for business customers.
The program assimilates data from the customer’s ERP system, credit information provider and debt collection provider and visualises it to provide an overview and guide to possible problems at customers that could lead to payment defaults.
The bank ascribes the three-year timeframe to the project to the demanding processes involved in fintech/bank collaborations.
Says Harder: “What drives us is the desire to develop tools and solutions that can benefit our customers, and we have realised we can achieve our goals faster by working with partners like Axeptia.”