Key findings

Decreased fraud cases

With help from Kontomatik, SMEO increased their security thanks to additional verification methods and decreased the rate of frauds

7-minute factoring application

SMEO is able to complete clients’ identity, financial verification in real time and reducing the whole factoring application to a 7 minute process

More and more companies are turning to open banking in recent years, drawn in by the efficiency, speed and security offered by the relatively new innovation.

But it’s not just a new trend – some businesses have been making use of open banking services since the beginning.

They know better than most how open banking has consistently helped improve interaction with customers, reduce the time it takes to complete applications, and help build their customer base. 

One of these companies is SMEO, an award-winning factoring company that works with entrepreneurs and small businesses to provide loans of up to 1,000,000 PLN. SMEO has been collaborating with Kontomatik since they started offering factoring. They use Kontomatik’s online tools to help verify the identity and banking information of factoring applicants in under 10 minutes, all while reducing fraud and accurately assessing the factoring capacity of each potential client.  

Screening clients based on ability to repay

Using open banking practices and with help from Kontomatik, SMEO is able to quickly and accurately verify potential clients’ identities and their banking information – particularly account activity – with a simple full online process. Kontomatik also helps by providing a scoring analysis of SMEO’s potential clients based on their banking data.

The scoring analysis helps SMEO identify which applicants are likely to, and capable of, repaying their loans on time. Thanks to Kontomatik, SMEO is able to “screen out” those clients with a lower score, who are less likely to repay. 

Kontomatik’s stringent security and anti-fraud measures, which cut down on the risk of data tampering, also nearly eliminated fraud cases, especially near the beginning of SMEO’s collaboration with Kontomatik. 

Speeding up the verification process

SMEO has two ways of verifying the identities and financial information of their clients:

one way is with a 1 PLN data transfer, but that can require potential clients to wait a day for the payment to go through. 

  • one way is with a 1 PLN data transfer, but that can require potential clients to wait a day for the payment to go through,
  • the other is by working with Kontomatik and using open banking tools to verify all that data in real time, which has greatly cut down on the time it takes for potential customers to complete a factoring application

In fact, the Kontomatik process is so quick, that it’s reduced SMEO’s verification process to just 7 minutes, meaning eligible clients are just a few clicks away from factoring. 

Half of SMEO’s clients opt for the Kontomatik method of verification, calling the seven-minute process “simple and intuitive.” Thanks to the speed of the process, most clients who use the Kontomatik verification method are likely to finish the overall SMEO factoring application.

Kontomatik has greatly improved the quality of user traffic entering our application process. Thanks to it, we have almost eliminated fraud attacks, while improving the conversion to sale. For today, we do not see an alternative that could compete with Kontomatik
Michał Pawlik

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