The first business partners monitoring API, a digitalized upgrade for safer business, launched for the first time in Romania by KeysFin

In a business environment where more than 500 companies go bankrupt every month, KeysFin launches the first Business Partner Monitoring API in Romania, through which risk information is instantly integrated into a company’s internal applications , directly to the appropriate departments, to take real-time remedial action.

THE FIRST API FOR MONITORING BUSINESS PARTNERS IN ROMANIA

KeysFin innovates the Romanian business information market and supports the continuous digitization of the business environment by launching an automated business partner monitoring web service. The information and alerts regarding the entries in the Insolvency Bulletin, the files opened in court, the payment incidents, the debts, the status of a company will be delivered directly in the systems of those who will integrate the service and provided in the work applications of the responsible departments.

For example, payment incidents become directly integrated into the financial department’s work applications, court cases go directly to the legal department, etc. so that the risk of business fraud and loss of non-collection of invoices decreases considerably.

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The client uploads through the system a list of clients that will be monitored, sets the frequency of alerts and thus will receive through the web service directly in its own systems the integrated reports for the companies that register problems in the selected sources.

“It is obvious that the Romanian business environment is facing economic instability being influenced by the current global situation, the crisis in Ukraine, but also the history of the pandemic. Given that more than 500 companies go into bankruptcy every month, the risk of commercial fraud and non-collection of invoices is increased, and the speed of information management will make the difference! That is why, based on the needs reported in the market, we have implemented an update to our company monitoring service and we are launching for the first time on the business information market a Monitoring web service, based on innovative technological solutions. The major advantage is the saving of time and human resources, with the rapid processing of risk situations”, said Roxana Popescu, General Manager of KeysFin, one of the most important providers of business information solutions in Romania.

INCREASED NEED OF BUSINESS SURVEILLANCE – NEARLY 2,200 INSOLVENCIES IN THE FIRST 4 MONTHS OF 2022, 8% ANNUAL GROWTH

The number of companies that went into insolvency in the first 4 months of this year increased by 8% compared to the same period in 2021, to 2,171 insolvencies, according to the latest data from the Trade Register.

Most insolvencies in 2022 were recorded in the trade sector (571 companies and 26% of the total), construction (433 and 20% of the total) and manufacturing (262 companies and 12.1% of the total). At the opposite pole were health, mining and energy & gas with 10, 8 and 2 insolvencies each in 2022.

From a geographical point of view, in the counties of Buzău, Vaslui and Argeș there were the highest annual percentage increases in insolvencies, between 134% and 153%, while in the counties of Hunedoara, Vâlcea and Gorj there were the highest large annual decreases, between 35% and 47% in the first 4 months of 2022 compared to the same period in 2021.

99.7% OF ACCOUNT HOLDERS WHO HAVE GENERATED PAYMENT INCIDENTS WERE LEGAL ENTITIES

In the first 4 months of 2022, the average amount refused for payment with debit instruments increased by 25% compared to the same period in 2021, at an average level of 117.4 million lei per month.

However, the number of payment refusals and account securities decreased, which generated payment incidents by 7% and 8.7%, respectively, at an average of 2,148 and 1,178 per month, respectively, between January and April 2022.

99.7% of the account holders who generated payment incidents were legal entities, according to the latest data from the Payment Incidents Center.