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customer stories

Beacon Funding Corporation enhances decision-making and mitigates fraud risk with Ocrolus’ AI-driven solutions

Small Business Lending | Detect

beacon logo

Based in Northbrook, IL, Beacon Funding Corporation is a prominent financing company offering small-ticket equipment financing services to businesses across the United States. Renowned for its flexible payment programs, Beacon Funding has emerged as a premier resource for businesses seeking financing solutions for their equipment needs.

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Challenge

Challenge

Manual bank statement verification required over 5 hours per week

ShieldCheck

Solution

An automated process providing verification within 4 minutes

CircleWavyCheck

Result

Identification of 6-7 cases of fraud within 4 months

Challenge

Beacon Funding Corporation’s expansion into new markets and the referral space created a need for more efficient bank statement verification processes for the diverse businesses applying for financing. Before collaborating with Ocrolus, the company’s team members dedicated over 5 hours per week to manually executing tasks related to verifying bank statements.

They faced a significant challenge in determining the legitimacy of bank statements provided by customers. Despite some of these statements appearing authentic at first glance, many turned out to be fraudulent, posing a considerable risk to operations. Michael Arida, Credit and Syndications Manager, highlights,  “We needed to ensure the legitimacy of the statements we received, especially with the rising incidents of fraud.”

Solution

In search of a solution, Beacon Funding Corporation turned to Ocrolus for an AI-driven document automation solution. With an API seamlessly integrated into its Credit Platform, Ocrolus streamlined Beacon Funding Corporation’s operations through automated verification processes. When users upload customer bank statements, they are sent to Ocrolus, which returns analyzed data within minutes. This efficiency has made Ocrolus a staple in the company’s verification process, which is utilized daily by credit and sales teams. It has evolved into a standard procedure for submitting and reviewing credit applications.

Opting for Ocrolus was a decision rooted in its user-friendly interface and seamless integration capabilities. “After extensive discussion with the Ocrolus team and familiarizing ourselves with the product, we recognized the significance of integrating other data analysis tools into our Credit Model,” according to Arida.

Result

Ocrolus’ solution verifies the authenticity of bank statements within 4 minutes, expediting processes, enabling sales and credit teams to handle deals and decisions more efficiently, and mitigating the increasing risk of fraud. Within the first 4 months of using Ocrolus, Beacon Funding Corporation identified an estimated 6-7 fraudulent applications that would have been overlooked in manual review. Ocrolus also aids in competitor analysis, alerting the team to potential competitor overlaps and ensuring they remain vigilant in their deals.

“The additional analytics provided by Ocrolus have proven invaluable in swiftly identifying banking trends and enhancing our credit and lending decisions,”  adds Arida.

The efficiencies gained with Ocrolus also benefit Beacon Funding Corporation customers. By enabling the team to expedite credit decisions and reduce communication delays by swiftly accessing payment history information, the company can help businesses more quickly acquire financing for the equipment they need to succeed.

michael arida

We are delighted with the seamless integration of Ocrolus into our Credit platform. It efficiently scans bank statements within 4 minutes to detect manipulation, and its robust data analysis capabilities are impressive. This integration saves time across Sales and Credit operations while ensuring faster and more accurate customer approvals.”

– Michael Arida, Credit and Syndications Manager, Beacon Funding Corporation

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