iLumen launches credit management service

iLumen Information Services enables subscribing businesses to streamline the management of trade credit, default and business interruption risk, and eliminates the manual processes associated with data acquisition. The service is powered by iLumen's iMonitor(r) financial monitoring technology, an emerging financial data technology standard in the banking industry and CPA profession.

"As a trusted third party provider to both requesting and reporting subscribers, iLumen Information Services facilitates financial data requests and exchanges between companies, their vendors, customers, channel partners, and credit analysis networks," said Robert H. Woosley, co-founder and chief executive officer of iLumen Inc. "iLumen Information Services provides businesses with secure, industry acceptable, detailed financial data. It simplifies the financial monitoring of credit customers and vertical market channels such as franchise operations and distributor networks."

iLumen Information Services ensures compliance with electronic financial data requests by serving as a credit management tool to improve credit acceptance with vendors and channel partners. It automates and standardizes periodic financial data submissions and, on a permission basis, transmits them to vendors and credit reporting agencies designated by the business. Requesting parties receive authorized financial information in electronic formats that are compatible with major credit and risk analysis systems. Reporting subscribers control access to their own financial information and are notified of any information requests.