Manage your commercial risks with FigoSkor

The world economy has been going through a turbulent period in recent years, with increased global macroeconomic imbalances and geopolitical risks. In this period of rapidly changing economic conditions, companies should monitor their risks in the market; It is undoubtedly critical to survive and grow in the face of increasing competition and supply chain uncertainties. In this period when risk analysis is more important than ever for many large and small companies, financial technology companies are coming to the rescue of companies, so to speak, with their artificial intelligence-supported solutions. Figopara, one of the important players in the fintech sector, enables companies to closely monitor their risks in the market and obtain detailed information about their customers or prospective customers they want to follow, with its artificial intelligence-supported FigoSkor solution, which offers versatile analysis by integrating Turkey’s critical open data sources of more than 50 years.

“Our main goal is to contribute to increasing trade volume”

Figopara CDO Dr. said that they created the real commercial confidence index of companies by using dozens of open data with the FigoSkor product. Fırat Gönen states that their main goal with this product is to contribute to increasing trade volume through healthy risk analysis.

Giving detailed information about how the product works, Gönen says: “Today, there are more than 2 million companies registered in the commercial registry in Turkey. The movements of these companies in the commercial registry are one of the important data in our product. We import all publicly available Trade Registry Gazette records in Turkey into our system every day. Using artificial intelligence, we generate more than 300 alerts for all companies every night from the data published in the commercial registry, such as ‘change of company ownership, moving the headquarters of the company to a place where there is a court declaring concordat, closing a branch, opening a branch, increasing capital’. Another important data of ours is the analyzes that we, as Figopara, can perform on KKB reports with the permission of the companies, thanks to the integration we have made with the Credit Registration Bureau (KKB). We currently have an artificial intelligence-based credit modeling based on balance sheet, trial balance and declaration that we use for risk assessments. On top of this, we analyze electronic invoice and open banking data, which we have only in Turkey, with artificial intelligence. Apart from that, we check whether the company partners are banned by MASAK. In addition, the system scans the safe or unsafe product lists published by the Ministry of Commerce and the positive or negative news about the company or its partners in the national and local press. “Thus, thanks to this artificial intelligence-supported product, companies can monitor the risks of their customers they work with in the market live.”

“FigoSkor is now at the service of the real sector”

Gönen said, “We have now released the FigoSkor product, which we created as Figopara to monitor receivables risk and which we use internally in credit evaluations, for the real sector.” He says that he can monitor the risks of potential customers he wants to trade with with the FigoSkor product. Stating that they first opened FigoSkor to their existing users and reached 400 users in a very short time, Gönen states that they continue to work on different advanced versions of the product according to the needs and opinions of the users.