Data Acquisition

In today’s economic climate, all companies are constrained by IT resource allocations. As a solution, PayNet minimizes the cost of contributing data by participating in the planning and development of the extract utility.

PayNet has developed extract utilities for most major accounting programs. A onetime technical setup process provides extracts of historical data and ensures the ongoing flow of updates to PayNet on a monthly basis.

Data Verification

Data quality is the key issue in the credit process, particularly when large financing decisions depend on external information inputs such as credit reports. PayNet was developed with this consideration in mind.

By filtering data at multiple processing points prior to its inclusion in the live database, PayNet flags suspect data for review by one of its data consultants. The consultant verifies the information before including it in the live database.

PayNet has established a dispute resolution process to ensure compliance with state and federal credit-reporting laws.

Identity matching is a crucial feature for automating credit decisions. PayNet uses a hybrid of proprietary and off-the-shelf matching tools, utilizing the latest developments in identification based on sophisticated search algorithms.

Delivery

PayNet products are delivered via two methods: PayNet On-Line and PayNet Direct. Members can access PayNet On-Line at www.paynetonline.com.

Members enter the PayNet On-Line site through a standard login/password–protected section. The member queries for the applicant and selects from a menu of products. The report is delivered instantly to the screen for review and/or printing based on the selections made. A list of similars will be returned to the member in the case of multiple companies identified from the inquiry.

PayNet data can be sent directly to the credit-scoring process through PayNet Direct, a CPU-to-CPU link. PayNet is also working with many front-end providers to seamlessly integrate PayNet information into the application-processing system.