Open data platform Okredo enters UK market
Okredo, an open data platform that merges open data, open banking, and credit bureau functionalities, aims to give SMEs in the UK a competitive advantage by offering access to the most recent data about other UK businesses.
Okredo will start by introducing business linkages reports, international credit and sanctions reports, enriched with adverse media and PEP information. Okredo will also provide basic company data, financial ratios and access to various companies’ documents: financial reports, confirmation statements, etc.
Soon after the start, the platform will offer the possibility to publish debtors’ data, a popular feature in other markets that works as an alternative to debt collection and has a success ratio of up to 80%. Keeping this success in mind, it is expected that Okredo services are to deliver significant changes to the UK SMEs’ credit risk management practices.
The company is also developing revenue share-based partnerships with CRM, ERP and accounting service providers by enriching their systems and products with the newest data, insights and data-driven decisions.
“Okredo platform brings open data closer to the needs of small businesses to assess the potential of prospective partners and conduct an overall better credit risk management,” says Gerda Jurkonienė PhD, co-founder and CEO of Okredo. “Easy access to information also saves a significant amount of time, otherwise spent on research and form-filling formalities, leading to better decisions made faster.”
Later, Okredo plans to introduce other services like credit limit and credit scoring, to help platform users to better understand the credibility of their partners.
“With the onset of recession and economic slowdown, companies must take measures against risks, know the connections between companies they partner with, and evaluate the conditions for their business more broadly,” says Jurkonienė.