.svg){kind=logo}
Vereine Creditreform e.V., part of Creditreform International, offers its customers business information and debt collection services worldwide. In an interview with Thomas Richter, Head of Partner Management and Member of the Executive Board at the Verband der Vereine Creditreform e.V., he sheds light on the current regulations in the field of debt collection, the spread of professional credit management systems in Germany and the importance of master data management.
Thomas Richter has been working for the Verband der Vereine Creditreform e.V. since 1995. In his current role as Partner Manager, he is responsible for initiating and managing strategic partnerships for the Creditreform Group. This includes the coordination of partner companies that use the Creditreform Solution Partner Program or act as development partners. The focus is on financial risk management, rating systems and IT operational risk & business continuity, as well as increasingly on ESG reporting for safeguarding the supply chains of client companies. On the market side, he is also responsible for supporting the Creditreform associations in cooperation with the insurance partners in the area of bad debt insurance.
In the following interview, he talks about the current regulations in the area of debt collection, the spread of professional credit management systems in Germany and the importance of master data management.
REGULATORY CHANGES IN THE AREA OF DEBT COLLECTION AND THEIR IMPACT
Thomas Richter highlighted the significant changes to the tables of the German German Lawyers’ Fees Act (RVG), in particular the reduction in fees for small claims. "The possible business fees were halved, which led to considerable unrest in the debt collection industry. This led to more automation and process improvements at Creditreform. Despite the challenges, these changes are beneficial for consumers and especially for small claims."
SPREAD OF PROFESSIONAL CREDIT MANAGEMENT SYSTEMS
3,000 to 5,000 companies in Germany use professional risk management systems such as the Ready4 Credit Management suite from SOA People, estimates Thomas Richter. "Given the large number of medium-sized and larger companies, around 300,000 in Germany alone, there is still considerable potential for growth in professional credit management."
EFFICIENCY THROUGH MASTER DATA MANAGEMENT
Thomas Richter emphasizes the important role of master data management. "As with private contact lists, business data can quickly become outdated without proper maintenance. A dedicated team responsible for consistent data maintenance is essential. Creditreform therefore offers reliable identification of business partners using Crefo numbers and CrefoTrust." With CrefoTrust, companies can onboard new customers in a transparent and user-friendly way by enabling secure linking of digital identities across platforms after one-time verification with proof of information.
PARTNERSHIP WITH SOA PEOPLE
Since 1995, Creditreform has been a central partner of SOA People, with whom we have been working successfully in terms of technology and content. This enables customers to benefit with Ready4 Credit Management from professional credit management that is fully integrated into SAP and incorporates high-quality business data.
A LOOK INTO THE FUTURE
The integration of artificial intelligence and automation in credit management processes is becoming increasingly important. As a guest speaker at our SOA People Credit Management Forum 2024, Thomas Richter emphasized: "Our goal is to use AI to further automate processes and ensure credit limits and dynamic adjustments based on customer behavior."
From left to right, the photo shows Sven Steller, Senior Consultant SAP/ERP Integration at Creditreform, Holger Behrens, Managing Director at SOA People, Kerstin Eder, Marketing Manager at SOA People, Thomas Richter, Partner Management & Member of the Executive Board at Creditreform and Wilm Schweer, Sales Director IP at SOA People. This photo was taken at the evening event of the SOA People Credit Management Forum 2024 in Karlsruhe.
We thank Thomas Richter for his insights and for highlighting the importance of continuous innovation and strategic partnerships in credit management. We are also delighted that he, together with his colleague Sven Steller, Senior Consultant SAP/ERP Integration, enriched the SOA People Credit Management Forum 2024 as guest speakers. Their contributions were well received by our customers.