NOTYD Accelerates B2B Lending from 4 Days to 10 Seconds With an 87% Drop in Fraud Rates

The BNPL company is quickly transforming the world of B2B payments. SEON provides invaluable extra data at the underwriting stage.

NOTYD is on a mission to modernize B2B payments, offering a Buy Now, Pay Later (BNPL) option in a market still dominated by traditional billing solutions. By delivering a seamless, fast, and risk-free payment option, NOTYD is transforming the way companies handle transactions and manage cash flow.

The Challenge

Coert Snyman, Senior Analyst at NOTYD, highlights a significant shift in B2B ecommerce: “Soon, 85% of all ecommerce B2B transactions will be online. There’s a huge shift in how payments are made – but until NOTYD was started, it seemed like nobody had managed to bring B2B payments into the 21st century.”

As a BNPL provider, NOTYD offers what are essentially small business loans, which come with inherent risks. Managing these risks and mitigating fraud effectively is critical to NOTYD’s success. Initially, the credit assessment process was lengthy, taking up to four days, which was a bottleneck in their operations.

The Solution

To streamline their credit scoring process, NOTYD turned to SEON’s digital footprinting capabilities. The integration was impressively swift and straightforward.

“We were looking at another provider, but they came back to us with a 4-6 months integration window. With SEON, it was literally a phone call, sandbox tests on Monday and by the end of the week, it was done,” Coert recalls.

SEON’s pricing model also appealed to NOTYD.

“The SEON model, it’s now one we actively look for with our other partners. Clearly an organization that approaches work and its customers in a different way.”

NOTYD leverages SEON’s digital footprinting during the customer identification process, where they can immediately filter out obvious fraudsters with no social profiles or suspicious configurations. Additionally, NOTYD’s data science team uses alternative data from SEON’s emails, phones, IPs, and devices to enhance their credit scoring system.

“The email analysis tool is fantastic in B2B because we work with a lot of custom emails. We create custom SEON rules, test them, and combine them with credit bureau data to build our own fuzzy logic. It accelerates credit scoring down to under a minute, with zero added friction,” Coert explains.

Results

This innovative deployment allows NOTYD to:

87% drop in fraudulent transactions: By utilizing SEON’s advanced fraud detection, NOTYD can more effectively identify and prevent fraudulent activities.

93% drop in manual queries: Automation of the credit scoring process has drastically reduced the need for manual intervention, freeing up resources for other tasks and reducing customer friction.

70% quicker implementation than with similar projects: The rapid integration and deployment of SEON’s solution allowed NOTYD to start seeing benefits almost immediately.

NOTYD is just getting started with what it can achieve using SEON. Coert and his team are now exploring the potential of combining custom rules with additional data sources.

“Our next step is to start looking at what we can do with open banking data, credit data, and SEON. It’s really exciting to see how we can grow together to offer the B2B world an unparalleled payment experience,” says Coert.

NOTYD’s partnership with SEON has proven to be a game-changer in the B2B payments landscape. By leveraging advanced digital footprinting and data analysis, NOTYD has not only enhanced its fraud detection and credit scoring processes but also set a new standard for efficiency and customer experience in the industry. As they continue to innovate and expand their capabilities, NOTYD is well-positioned to lead the transformation of B2B payments into the digital age.

Coert Snyman
Senior Analyst

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