Why BigCart Chose Effectiv as its KYC/KYB Risk Management Platform
BigCart is a unique FinTech company positioned at the crossroads of Supply Chain Finance and Receivables Financing. Their solutions leverage data to streamline payments and increase working capital for middle-market organizations.
Why BigCart Chose Effectiv as its KYC/KYB Risk Management Platform
BigCart is a unique FinTech company positioned at the crossroads of Supply Chain Finance and Receivables Financing. Their solutions leverage data to streamline payments and increase working capital for middle-market organizations.
Use Cases
- Customer Onboarding
- Case Management
- Sarasota, FL
- Payments
Challenge
According to Haddy J. Coulibaly, SVP Operations at BigCart, pre-screening supplier applicants was labor-intensive, sparking a desire to enhance their existing underwriting solution. “We use Effectiv to help us with the weeding out of buyers and suppliers to help us identify any flags for fraud,” says Haddy.
BigCart’s commitment to superior customer service led them to look to Effectiv for a solution to improve operational efficiencies and save time for them and their customers. One particular area of Effectiv’s KYC/KYB solution was integrating into third-party data providers. Instead of manually searching public data, according to Haddy, “Effectiv’s ability to automatically access public data through LexisNexis saves us time and the cost of having a third party do it for us.” This is a game-changer for BigCart.
Other aspects that attracted BigCart to Effectiv’s solution are new enhancements that bring additional data into the system. Being able to scale in the future is important to BigCart and its strategic growth.
Solution
As a start-up, BigCart also appreciated the free-trial testing period that “…gave us time to explore and use the product before payments kicked in,” Haddy said. “It was great to start using the platform to show how the solution was a money saver giving us time to get our deals in place, showing us a true representation of its effectiveness.”
Effectiv platform’s responsiveness proved to be superior, providing immediate KYC/KYB checks. As Haddy states, “The response time after submission was also very attractive to our integration partners. This is also a great selling point to our newest partner we’re engaging with.” This new partner for BigCart wants to up-level the volume of accounts processed in a short period of time – another big opportunity to grow for BigCart.
“You want to make sure that your KYB solution can validate any business’s legitimacy quickly and accurately. Effectiv’s sub-300ms response time for business & UBO checks is best-in-class for any operator in our space.”
- Haddy Coulibaly, SVP Operations
Result
Risk scores and approval rates top the list of success metrics that BigCart is monitoring going forward. In addition, Haddy also pointed out that “Tracking fraud then going back to tie in the risk scores will provide a correlation between those scores and low loss amounts.”
The most attractive part of the Effectiv solution, according to Haddy is having everything automated. “From turn-around time to the level of detail provided within the system, I was impressed with the level and amount of detailed information.” BigCart’s previous solution fell short of showing the complete picture needed for decisioning. “Seeing that extra data when dealing with lenders and funders is easy to pull and very helpful,” says Haddy.
Making the ultimate decision to go with Effectiv also came down to gaining access to public data without paying for it, the ease of manual decisioning when needed, the affordable pricing, and finally, the flexibility of the platform. “Effectiv is a company that we can continue to grow with over time,” states Haddy.
Overall BigCart is encouraged with the early success of its relationship with Effectiv. As Haddy states, “You want to make sure that your KYB solution can validate any business’s legitimacy quickly and accurately. Effectiv’s sub-300ms response time for business & UBO checks is best-in-class for any operator in our space.”
