TogetherFunding Files Patent Application for 'Inter-Company Credit Evaluation System'

[Asia Economy Reporter Song Seung-seop] P2P financial company Together Funding announced on the 16th that it has filed a patent for a corporate credit evaluation system.

Together Funding devised a method to assess creditworthiness using payment information between companies. This data is used to determine the 'transaction creditworthiness' between suppliers and ordering companies, assigning a credit rating accordingly.

Typically, financial institutions determine the final rating based on corporate credit evaluation data. In the case of non-financial evaluations, they have relied on the personal assessments of financial institution officers.

A representative from Together Funding stated, "Depending on the experience and level of the officer, credit for companies with high future value may be blocked, which can become an obstacle to generating profits for financial institutions. This is why we filed this patent," emphasizing, "It will be a great help in verifying creditworthiness when investing in P2P."

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