Blogs

NEWS

LATEST NEWS

Know your Customer (KYC)

07 May 2022

Written by: Dirisha Dhanapalan

Know Your Customer (KYC) dates back to the 1990s when practices were put in place to prevent fraud and money laundering. In other words, organizations must ensure the consumer is genuinely who they say they are. Various loan companies use it as an additional layer of security to their revenues and operations.

These processes and procedures are empowering businesses globally e.g., banks, insurance companies, online investments and loan firms. It’s easier now than ever before to fake an identity document (ID) and open fraudulent accounts. KYC procedures are being accepted across the world in the fastest fashion as a measure of identity protection and anti-money laundering.

IDAS Solutions

Our digital solution allows individual customers to provide relevant documents required to complete their KYC process at their convenience. It is designed to support compliance teams every step of the way thereby maximising efficiency and accuracy. This is a one-stop solution for all compliance activities. It includes ID verification, address verification, facial recognition and biometric verification. These are commonly used in retail outlets and financial institutions.

ID Verification

The ID verification process is smooth and efficient. The client provides an ID number and contact number which will prompt a One Time Password (OTP). Once the customer’s location is determined (latitude and longitude), the ID is then submitted to a government authority for verification and will return with a portrait associated to the consumer.

Biometric Verification

Biometric verification is a digital process that confirms an identity document is genuine and/or even going further to authenticate the document holder through additional biometric checks such as facial or fingerprint checks.

Our facial recognition solution (a selfie) provides a liveness detection feature. Liveness detection proves that the selfie was taken from a living person.

Collection Snapshot - Debt collection techniques

19 November 2021

Written by: Nomvelo Koza

Collections Snapshot

The collections Snapshot offers a comprehensive overview for tracing a consumer and provides the facility for decision-making on the viability of collection, making it easier for both the consumer and the debt collector.

Consumer summary:

The consumer summary offers the propensity or the ability of the consumer to pay and their best contact number. This makes it easier to detect/determine the consumer’s credibility and possibility of being reached by the collector.

Affordability and income estimator:

This enables the collector to display the consumer’s disposable income by outlining the predicted income, available instalment, estimated expenses, confirmed bureau expenses, and total predicted expenses. Here the collector is then able to determine the affordability of the consumer towards the collection. It simplifies the aspect of whether or not the consumer is able to pay back the debt in question.

Credit activeness:

This setting outlines the credit activeness over a 12-month period by show the collector the activities taking place in the creditor’s account. This function’s objective is simply to show the progress of the creditor in respect of payment.

Debt summary:

This shows the credit activity for the last 24-months. Available for SACCRA and NLR members. This function is somewhat similar to the above mentioned function, in that it summarises the total debt over a 24-month period as opposed to the above mentioned.

Payment gap:

The time of the month the consumer pays their account/s. This assists the collector with detecting the time of the month where the consumer pays their accounts, to keep in line with the consumer actually paying of the debt that the collector is trying to retrieve at the agreed time of the month.

Industry area status:

This is exemplified by telecoms, mortgages and credit cards etc.

The Collection Snap-shot is a wonderful tool which makes the collector’s job of consumer-debt recovery to be simple and effective, for both the consumer and the debtor. An efficient business tool, coupled with all the other attributed features of the Inspirit Data Analytics Services, it makes for simplicity to conduct recovery, proficiency and excellence.

“ Creditors Have Better Memories Than Debtors. "

Know Your Customer (KYC) and Fraud prevention

16 April 2021

Know Your Customer (KYC) is a due diligence and compliance process used by investment firms, financial service providers, commercial and consumer investments in order to assess investors with whom they are conducting business with during the onboarding process. KYC is a standard requirement globally within the financial service industry.

Apart from being a legal and regulatory requirement, KYC is a good business practice as well to better understand investment objectives and reduce risk from fraudulent activities.

From a consumer perspective, KYC reduces the risk of identity fraud, identify the sources of client’s funds i.e. determine if the funds were from legitimate sources and acquiring Anti Money Laundering (AML) from the clients using PIPS and PEPS solutions.

Inspirit Data Analytics Services (IDAS) offers seamless KYC workflows by providing customer due diligence solutions that provides insights into:

Determining and verifying the identity and location of the customer
Understanding the customer’s business activities
Determining the potential risks associated with the customer e.g., adverse indicators and judgements.

The IDAS KYC solutions include:

· Consumer Trace

· Identity verification using name, surname and address

· Identity verification using Biometrics (fingerprint)

· Identity verification using Facial recognition and Liveness testing

· Company Trade references using PIPS and PEPS

· Bank account verification (AVS)

Call Inspirit Data Analytics Services (IDAS) for more information.

What is Debt Recovery?

Debt collection

20 JULY 2020

Handing problem debts over to a debt collection agency can be a quick and easy way to recover them. You can use a debt collection agency regularly or on a one-off basis.

Alternatively, you can use an online debtor tracing tool to trace absconded debtors in order to improve your accounts receivable.

Finding the best debt collection agency in South Africa can be challenging

Outsourcing debt collection to a debt collection agency can be a less confrontational way of chasing outstanding debt than taking court action, but can be a costly exercise. Debt recovery and debt collection are similar terms with one small difference of whom is who is trying to retrieve a debt.

Inspirit Data Analystic Service (IDAS) offer a least costly approach to tracing a debtor by providing access to a tool that can provide up-to-date contact information for your most hard-to-locate debtors.

This dynamic and robust debtor tracing application is frequently refreshes its extensive databases of consumer and commercial information, enabling you to locate elusive debtors, make contact and collect unpaid debt.

IDAS not only has designed this tool for debtor tracing, but also for consumer and commercial verification.

Confirm a persons or company’s information before issuing credit or being scammed by syndicates who provide falsified information.

As a first option, don’t pay high debtor tracing fees, but rather try and gain access to additional information from multiple data points that allows you to make contact with the debtor in order to recover debt.

IDAS offer two type of payment options which are:

· Monthly license fee designed for high volume of tracing

· Credit options – pay for a batch of searched

· Individual search -pay per report.

For more information, contact us on at hello@inspirit.co.za or visit us on www.inspiritdata.co.za

External Debt Collector (EDC)

24 June 202

Consumers are increasingly relying on credit from multiple credit providers to simply get by, and External Debt Collector (EDC) companies are receiving increased higher referral volumes. According to StatsSA, reports show that the debt-to-income ratios of customers at debt counsellors were at an all-time high in the fourth quarter of 2019. In addition, as a result of Covid19, it goes without saying that those numbers will be on the rise.

Credit institutions are very aware of debt collection challenges and are exploring the means to enhance their arrears management efficiency and effectiveness by either outsourcing to external debt collectors or looking to move into digital collections and harness the value of their data for the purpose of meaningful insight from predictive analytics.

Companies with debt collections try to minimise these losses by recouping some of the debt by either making use of internal or external debt collection strategies, or a combination of the two. Debtors that are in higher recency bands are usually handed to external debt collectors. Also those debtors have proven unresponsive to internal collection efforts.

Inspirit Data Analytics Services - IDAS has built 3 fundamental innovative functionalities into our debtor tracing tool that will lift collection efforts viz:

· Merging data sources from multiple data points into collections that provides a deeper view of the debtor;

· Innovative use of full text searching and statistical modelling techniques that traces debtors than traditional methods;

· Innovative ways to enhance collection strategies using scorecards;

We suggest that organisations issuing credit should have access to IDAS as an online debtor tracing and consumer verification tool that will aid in the debt collection process as a first option, before outsourcing to external debt collectors.

Try our more affordable debt collection option.

IDAS: Debt recovery made simple.

Debt Collection made Simple

18 June 2020

Even in cases where debtors have absconded, debt collection can still be possible with the right debt collection tools. With extensive years of experience with providing debt collection solutions to Debt Collectors in South Africa, debt collection and the many techniques involved in tracing debtors to collect debt can be seamless.

The debt collection process involves tracing and investigation a debtors information in order to make contact. Therefore it is vital that the relevant debtor information is available to ensure accuracy and effectiveness when attempting to engage with the debtor.

Tracking and tracing tools like Inspirit Data Analytics Services (IDAS) has made it easier to track down the elusive debtor.

The online Debtor Tracing tool is an in house verification and debtor tracing tool that will provide you with the necessary broad spectrum contact details.

Why broad, because our Online Debtor Tracing Tool doesn’t just provide you with basic contact details like other tracing tools, rather we provide you, the debt collector, information including:

· Employment and company details

· Directorship information

· Property Ownership

· Deeds office information

· Marital and deceased status

· LSM

· Contact Score

· Risk score indicating indebtedness

IDAS Online debtor tracing solution also provides you with a global search bar, a one of its kind in a debtors tracing tool that allows combination search inputs e.g. Joe James Cape Town.

In addition, IDAS debtor tracing tool provides dashboards as well as reports so that you as the administrator can manage search history.

Choose the Number 1 debtor trace tool designed for debt collectors.

As a Legal firm, what are your pain points?

19 May 2020

1. Lack of current contact information of debtors:

It goes without saying that successful recoveries rely on the ability to contact a debtor i.e. without current information you cannot recover the debt.

Primary reasons for a lack of contact information could be:

· Debtor regularly changes their address information moving from one rental property to another.

· Falsification of information during the credit application process

Solution: Establishing information verification and authentication by ensuring realtime updated information from reliable sources.

2. Lack of ‘enough’ information to identify and contact debtors

Sparse information prevents successful recoveries leading to an inefficient use of tracing agents’ efforts which in turn prevents positive action being taken on the defaulted account.

Given the extent of data captured and kept in public records, the reality is that an organisation experience difficulty in consumer identification and tracking because the information is not where one would expect it to be.

Solution: Investigate a debtor’s third-party connection in the form of relationship links, property ownerships, co-employees and company information.

3. Difficulty in accessing more than just the basic information about the debtor

You may have a debtor’s basic information like an address or phone number. But successful recoveries require more ‘astute’ means of making contact and obtain that ‘promise to pay’. This maybe information about their spouse, employment or known associates.

Unnecessary time and resources are wasted in trying to trace data from public records, assembling and most importantly making sense of raw and complex data.

Solution: Hire a person internally to manage this data gathering task or choose an organisation that has the means and infrastructure to setup the information that you require efficiently and effectively.

4. The problem of ‘Too Much’ Information

Having a tracing agent spend ‘too much’ time on collection efforts is counterproductive, especially when you trying to achieve debt recovery targets whilst managing operating costs like telephone and salaries.

In order to ensure the most effective recovery possible, information needs to be organised so that time is not wasted examining data.

Solution: As in point 3, the least costly approach would be to utilise a debtor tracing platform that has already done the ‘heavy lifting’ by providing a unique view of the debtor using multiple data points

Inspirit Data Analytics Services is such a platform that provides analytics by managing the volume of data stored in various silos.

Try our Approach:

Debt Collections made easy with Fast, efficient and proven techniques

Debtor Tracing Tool for Debt Collectors and Private Investigators

20 October 2019

Are you a Debt Collector or Private Investigator looking for an Online Debtor Tracing tool?

Searching for people, find a person by cell phone number or find people by name with the aim to track and trace bad payers and trace non-payers.

Gain access to an array of information that no other Trace Tool offers.

± Fixed fee per month or pay per search

± No long terms contract required – month to month subscription

± No software installation required

± No Hidden costs

± Pay one fee for access to all data categories relating to an individual as opposed to specific fees for specific data categories.

± Person lookup Search Bar, like Google that allows partial data inputs like First name and consumer address

± Data categories include:

Person Identification

Contact and Address information

Deeds Information

Property Contact Detail

Company info plus contact details

Directorship

Adverse indicators

Employment information

Marital and deceased status

LSM and Contact Score

Relationship Links

IDAS is a Person Search Engine that is designed to search for someone with basic search inputs like ID number, name and Surname, cell phone number and address. It is the fastest and most sophisticated search tool in looking for a person.

This tool will accelerate your tracing capabilities.

Contact IDAS for more information

Consumer Trace and Debtor Tracing made easy for Attorneys.

10 October 2019

Debtor or Consumer Tracing is an integral part of legal due process.

In order for attorneys to serve documents legally to a debtor through a sheriff, the attorney must have the correct address of the debtor.

One of the biggest pain points that attorneys have are:

1. The inability to trace a consumer and

2. the address that the attorney has on file turns out to be invalid when the sheriff serves the document.

This inability to source a valid address for a debtor in order to perform a consumer or debtor trace results in higher costs with 3rd party vendors that charge per record trace based on an ID number input. Attempting to a perform consumer trace by yourself would generate few useful results and this is because individuals and businesses just don’t have the tools to access consumer data to find out what they need to know about debtors who have absconded.

Therefore, debtor tracing or consumer tracing has been left up to debtor tracing companies, who could then charge excessive charges to their clients for the information they generated.

But what if you could perform consumer or debtor tracing in-house?

IDAS is an Online Tracing service and data tool that offers you an easy do it yourself debtor tracker tool that is easily accessible, easy to use and best of all, affordable. It is perfect for ATTORNEYS to track and trace consumers.

Our solution enables attorneys to find someone in South Africa using search criteria like ID number check, name, address, cellphone tracing, company details as well as directorship details and finally deeds information. IDAS search engine is one of a kind that even offers a ‘Google’ like search bar if you have partial search inputs e.g. First name and address search. It is that powerful!

Data categories includes:

Biographical, Demographical, Employment, Directorship Details, Property Ownership (Deeds), Deceased information, Marital Status, Social Networking, Email Addresses, LSM, Company Information, Person Relationship Links, Home Affairs and income categories

The products & services offered by IDAS include:

⦁ Web based Online Trace

⦁ Batch Trace

⦁ Data Cleaning

⦁ API Integration

Why small businesses don’t need to hire a Debt collection agency

07 September 2019

Why is there a risk when outsourcing collections efforts to debt collectors:

⦁ Being exposed to dubious collection methods that has a negative impact on your business reputation. For example, treating your former customer fairly whilst still getting job done....

⦁ You don’t necessary require skip tracing using an outsourced debt collector – you can do it yourself.

⦁ Outsourced debt collection service is generally expensive and, in many cases, should be your last resort before giving up unpaid invoices

⦁ In most cases, debt collection agencies lock you into long term contracts.

IDAS is an Online Tracing service and data tool that offers you an easy do it yourself person tracker tool that is easily accessible, easy to use and best of all, affordable.

Our solution enables the user to find someone in South Africa using search criteria like ID number check, name, address, cell phone tracing, company details as well as directorship details and finally deeds information. In addition, verify your clients details before issuing more credit, update your CRM solution with the latest personal and demographic details as well as clean and update your debtor database.

Data categories includes:

The products & services offered by IDAS include:

⦁ Web based Online Trace

⦁ Batch Trace

⦁ Leads Generation

⦁ Data Cleaning

⦁ API Integration

Extended Services Offered leveraging XDS South Africa:

⦁ Access to Credit Bureau Information – only if you are a SACCRA member eligible to access credit bureau report and financial information

⦁ Analytical capabilities – Big Data Centre for large data compute and analysis against citizen database

⦁ B-BBEEE Large enterprise Level 1

⦁ Vehicle Verification checks

⦁ Consumer solutions

⦁ Credit application

⦁ Credit report

⦁ Consumer Trace

⦁ Collections Snapshot

⦁ Early and late stage collections

⦁ Payment gap

⦁ Collections snapshot

⦁ SAFPS

⦁ Education

⦁ Criminal

⦁ Biometrics: Realtime Consumer Authentication against home Affairs using thumb prints scan

⦁ AVS – Bank code verification

⦁ Income Predictor – Estimate consumer’s monthly income

⦁ Affordability – Determine what the consumer can afford

Contact us for …..

Data Driven decision making:

01 September 2019

Organisations today need to be more agile when it comes to their decision management. Having the right and correct information available using data tools, provides business managers control over an organisations decision making. This allows you to react rapidly to changes in a customer life cycle.

These include the correct underwriting decisions, identifying new customers by leveraging cross-selling opportunities, B2B lead generation and verify customer details which aids in reducing fraudulent activities.

Inspirit Data Analytical Service (IDAS), being an analytics service company, believes that the idea behind and the reason why small business require more information is so that they can make better decisions about how to spend their money. Providing business owners with access to data that will allow them real time instant during the point of sale with the customer as well as generating leads without cold calling.

Providing data on consumer demographic information, home affairs, deeds, CIPC, data cleaning tools as well as scores sourced from credit bureau data.

Verify your employee details and verify their education qualifications plus criminal records or even obtain qualified leads for financial advisors South Africa.

IDAS believes that if a small business can predict certain outcomes, like the potential of a customer not paying their account, it may eliminate flawed decisions from being made. Having access to an array of data, not only allows you to solve business problem, but also improve business processes.

Background Checks

15 August 2019

Background checks are often understood as having access to a person/company’s credit history or financial information before making a credit decision.

The purpose of background checks is to allow companies to know if an individual or company can afford to make timeous monthly payments and to confirm personal information during a credit application process.

Generally financial institutions like insurance companies, banks or companies performing financial application verification have access to credit reports.

However, what if you not one of these types of companies but still want a tool that enables you to perform a non-financial background check on a consumer or company using public domain information.

Inspirit Data Analytics Services (IDAS), is an EOH Enterprise Development Company that can provide you with a tool that allows you to conduct background checks to help protect your business by providing you with information that will aid you in minimising your risk of fraud or reputational damage.

⦁ Personal information – ID Validation, name, surname, marital status and spousal data, deceased status

⦁ Telephone information – both current and historic that used for debtor tracing, number tracking, employment contact details and financial applications.

⦁ Address details – especially useful in the legal profession to confirm domicile or real estate agents who wants to obtain a contact number at a specific address.

⦁ Property ownership – access to this information has a multitude of benefits including current asset portfolio based on current loan versus deposit paid.

⦁ Employment information – verify employment status and dates of employment which is especially useful for employment verification purposes.

⦁ CIPC information – Verify businesses and people linked by confirming phone numbers, addresses and property ownership.

This information is accessible with simple data inputs like ID number, telephone number, address, finding phone number by name and/or surname or finding someone through relatives.

With this information in hand, IDAS can help you make fully informed decisions and implement business strategies and grow your business faster.

Struggling with Debt collection?

20 July 2019

Due to scarce resources, small to medium businesses sometimes do not have the tools/relevant information to collect outstanding debt. This proves even more challenging when debtors are unwilling to pay or deliberately evade payments by providing incorrect personal contact and address information.

If you are a small enterprise and struggling to collect debt from debtors, you don’t need to employ a professional debt recovery company as your first option. You can collect outstanding debt by yourself with using technology designed to trace individuals or companies using basic inputs like ID number, name and surname, company name address or even a telephone number.

Inspirit Data Analytics Services (IDAS) is an all-encompassing web-based debtor tracing software, powered by a Credit Information Bureau and one of the major suppliers of business and consumer credit bureau data in the SA market.

IDAS has been designed for debtor tracing, offers access to a spectrum of data on individuals and companies and enables you to track and trace people using relationship links like spousal details, company co-workers, directors in a company or deeds information.

Trace using our online tracing application, designed for hard tracing of those difficult to locate debtors. Alternatively, use the online batch tracing tool designed for clients that want to trace debtors by processing large data volume files.

We understand the frustrations within the debt collection process. Our aim is to provide you with a cost-effective debtor tracing tool which allows you to trace and contact your debtor.

IDAS is that straight forward and convenient.

NEWS

LATEST NEWS

Know your Customer (KYC)

Read more

Collection Snapshot - Debt collection techniques

Read more

Know Your Customer (KYC) and Fraud prevention

Read more

What is Debt Recovery?

Debt collection

Read more

External Debt Collector (EDC)

IDAS: Debt recovery made simple.

Read more

Debt Collection made Simple

Read more

As a Legal firm, what are your pain points?

Read more

Debtor Tracing Tool for Debt Collectors and Private Investigators

Read more

Consumer Trace and Debtor Tracing made easy for Attorneys.

Read more

Why small businesses don’t need to hire a Debt collection agency

Read more

Data Driven decision making:

Read more

Background Checks

Read more

Struggling with Debt collection?

Read more