The European Commission has launched a new online tool that could prove useful for credit management professionals working for companies registered in EU member states.
Designed to facilitate cross-border trade and increase confidence and transparency in the EU Single Market, the platform links national business registers, providing information on companies registered within the EU. One of the main benefits of the new system is that it will provide easy access to data across borders, without the need to request data from other countries – something that used to be cumbersome and costly for businesses.
Commenting on the new platform, Commissioner Vera Jourova explained that when working together with other companies, it’s common for businesses, consumers, investors, and authorities to want to quickly check basic details to find out whether a company really exists and who is legally representing it. The data available can also help companies to determine whether a potential business partner is dependable. “The interconnection of business registers will contribute to a more transparent and trustworthy environment for making business in the Single Market,” she said.
Thanks to the new system, citizens, businesses and national authorities will be able to search for information filed by companies in their respective national registers. This could prove extremely useful to credit management teams working across international markets, as the platform will provide a wealth of information, ranging from registered address, date of incorporation, previous company names, insolvency information and the names of current and resigned officers.
The Federation of European Credit Management Associations is urging businesses to make use of the central database to verify data on customers before granting credit – and it could also prove a valuable service in other regards too.
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