Febuary 17, 2025

Cobalt Federal Tax ID/TIN Verification API

To more easily verify the accuracy and validity of tax ID information provided by customers in online applications, Bectran has partnered with Cobalt to implement their TIN Verification API onto the platform. Protecting against fraudulent applications, this API allows credit managers to confirm the Tax Identification Number (TIN), or Employer Identification Number (EIN) associated with a particular business. For now, this functionality is only available for all 50 U.S. states.

Please reach out to your Platform Services representative for additional information on this new integration.

Collections Strategy Enhancement

This update allows users to create and assign more than one collections/pre-collection strategy to individual portfolios and business groups. Users can now designate collections strategies for customers when they meet or miss specific pre-conditions, increasing granular control and the effectiveness of collections efforts.

Please reach out to your Platform Services representative for additional information on this enhancement.

Automated Weekly Account Statement Functionality

We’ve enhanced the AR module to provide greater flexibility in managing open invoice communications. Now AR teams can configure weekly account statement notifications, selecting a preferred day of the week to send a detailed summary of all open invoices. This update ensures more consistent communication with customers, improves payment timeliness, and provides additional options to the monthly and bi-monthly invoice frequencies.

To enable the weekly account statement notification for your customers, go to:

AR Settings > Collections Strategy > Automated Statements

Additional Fields on AR Open Invoices Report

This update expands the data points available in Open Invoice Reports, while increasing the efficiency of reviewing, at scale, individual open invoices. New columns labeled DAYS PAST DUE, AGING BUCKET, PAYMENT TERMS, PORTFOLIO and COLLECTIONS UNIT are now included in the report, allowing for increased invoice status visibility.

Included with these new data fields, are two new multi-select drop down options to filter Open Invoice Reports for one, many, or all collections units or portfolios per report. Additionally, we’ve removed the 1-year date range restriction, allowing users to pull data for up to 3 years in a single report.

Credit Limit Aggregation Across Account Hierarchies in Scoring Models

We’ve enhanced the IDM approval process for credit reviews by enabling auto-approval based on the rolled-up credit limit from child accounts. This prevents approval blocks when main accounts have a 0-credit limit due to inherited percentages from unsecured job accounts. By aggregating credit limits instead of assessing each child account individually, users can better manage their credit review automation approvals based on the aggregate credit limit of all child accounts rather than the credit limit at the account level.

New account aggregation models now support risk-weighted credit limit and net exposure calculations for related, unsecured, and secured accounts. Users can configure percentage-based roll-ups for different risk ratings.

For additional details and configuration assistance, please reach out to your Platform Services representative.

Two-Factor Authentication for Generic App Links

This update allows users to require a customer to first verify their email, if Two-Factor Authentication is enabled, to access the following online applications through a generic link hosted on their website.

• COD
• Credit App
• Job Sheet
• Sole-Proprietor

Users will be able to configure the authentication type per application along with custom notification messages in account settings. They can choose to require customer verification by email in the Enable Two Factor Authentication for Generic App field under the Advanced Configuration section. To find this, go to:

Account Settings > Organization > Business Group > Advanced Config

Users can customize message templates for their customers’ one-time code authentication. To find and configure these messages, go to:

Account Settings > Application Links & Message Templates > Message Template

Miscellaneous Data Scoring Aggregation Across Account Hierarchies

To enhance deeper insights into payment behaviors, we’ve expanded advanced scorecards to aggregate miscellaneous data factors across the entire account hierarchy, not just the main account level, providing greater flexibility in credit scoring. Users can add custom or pre-defined data attributes, configure attribute weight, and choose whether to evaluate a single account, related account, secured or unsecured accounts. Users can add custom or pre-defined data attributes, configure attribute weight, and choose whether to evaluate a single account, related account, secured or unsecured accounts.

For additional details and configuration assistance, please reach out to your Platform Services representative.

Credit App Linking to Existing Accounts via CSV

To improve user’s ability to maintain an accurate up-to-date book of business within Bectran without integrations, this update implements an additional CSV load option that links applications to existing ERP customer accounts. This update greatly enhances the functionality of maintaining precise and detailed records within the platform, especially for those not actively generating credit reviews.

To access this new option and link ERP Customer Account Numbers with their respective Request ID, go to:

Account Settings > Customer Data Upload > Account Creation Notification

Manage Existing Account Hierarchies through CSV

To streamline account hierarchy management, we have introduced the ability to upload hierarchy link and unlinked relationships via CSV. Users can now manage account hierarchies in bulk without the need for this information to come via integration, leveraging the new CSV load option to specify hierarchy linking and unlinking.  

To find this new load option, go to:

Account Settings > Customer Data Upload > Account Hierarchy Link or Unlink

Delayed Account Creation Notification for Job Sheets

This update introduces a new message template labeled JOB SHEET ACCOUNT NUMBER NOTIFICATION (FROM ERP) that will function similarly to the existing template ACCOUNT NUMBER NOTIFICATION (FROM ERP) but for approved job sheets, instead of credit applications. This enhancement provides a seamless, automated communication process.

For additional details and configuration assistance, please reach out to your Platform Services representative.

Ability to limit Approval Amounts Across Account Hierarchies

This update introduces a configurable check for manual & IDM approvals that limits the ability for any credit user or IDM model to approve job/credit requests that surpass parent account credit limits. This check ensures that the sum of open and approved credit limits for child accounts is always less than or equal to the total approved credit limit for parent accounts, and that any requests exceeding this limit will be moved to the task console for manual review. This new feature provides an additional layer of control, preventing over-allocation of credit and ensuring compliance with credit policies.