Members
IFA
SFN
AFA
We've cut our verification time down by 90% - this is game-changing.
Hussein Marquez
Portfolio Manager
Commercial Finance Partners
The Unverified Tail
Before Iridium
Verification: Call the debtor and wait for a reply
Coverage: Look at the largest invoices
Cash posting: Match payments by hand at month's end
Collections: Track who to chase on a spreadsheet
Audit trail: Manually annotate in the notes field
Cost per invoice: About $22 in manual processing
After Iridium
Verification: Iridium checks every invoice and debtors confirm them
Coverage: Iridium scrutinizes the whole book
Cash posting: Payments post and reconcile as they land
Collections: Iridium follows up automatically, adapted to each debtor
Audit trail: Iridium logs each check and decision
Cost per invoice: Checking the whole book becomes cheaper than manually sampling a part
Verifying an invoice manually takes time, so factors check the big ones and sample the rest. 5 to 8 percent of invoice value never gets paid, and most of it starts in the tail nobody opens. A fraudulent invoice looks exactly like a real one until someone reads the backup.
Capabilities
Three jobs eat a factoring team's week. Iridium runs them as one workflow.
Verification
Checked against the documents. Confirmed by the debtor. Certified by Iridium.
Each invoice must match its backup docs, clear the duplicate screen, and get the debtor's confirmation in your name or your client's. All mismatches are flagged for review before they're funded. Iridium provides a certificate of verification for each verified invoice.
Collections
Follow-ups timed to how each debtor pays.
Reminders track each debtor’s payment behavior, so capital comes back sooner. An account that needs a human reaches your team while it can still be saved.
Cash Posting
Every payment matched, the day it lands.
Bank statements and remittances reconcile to invoices as they arrive, including partial, bundled, and misreferenced payments. An ambiguous match queues for a person, with candidates ranked.
No Stone Unturned
Iridium makes manual sampling a thing of the past. Point it at all or part of your book, and it verifies every invoice with its entire trail.
A failed check waits for a person to approve, reject, or escalate in one click.
Nothing funds outside the rules you set.
Every decision is on the record for your bank, your auditor, and your credit committee.
Integrations
Iridium reads from and writes to FactorSoft and FactorCloud today, and we build integrations for custom systems.
The Facts
98%
of verifications completed without a person within three weeks of go-live at Commercial Finance Partners, running [N] invoices a month
Commercial Finance Partners (CFP), production figure
FAQ
01Does Iridium fit with my team?01Does Iridium fit with my team?
Iridium takes the document-checking and phone tag off their desks and routes them the exceptions worth a person's attention. Your team's capacity stops being the limit on how much of the book gets checked, and the judgment calls stay theirs.
02What happens when a check fails?02What happens when a check fails?
The invoice stops before anything gets funded. It goes to your team, with the discrepancy highlighted and the source documents attached, and the decision is logged with who made it. Nothing clears into funding outside the rules you set.
03What will my bank's vendor review find?03What will my bank's vendor review find?
Client data is segregated per tenant, role-based access, and a complete log of every machine and human action. Security documentation and our Trust Center (linked to https://trust.iridiumcredit.com/) are available for your vendor review, and our controls are under independent examination for SOC 2 Type I certification.
04How will my debtors experience Iridium?04How will my debtors experience Iridium?
Confirmation requests are white-labeled, going out in your name or your client's and configured per client. Where it makes sense, requests roll up to the account level, so a debtor gets one confirmation rather than one per invoice, and debtors who publish payment status in portals don't need to be contacted at all.
05How long does implementation take?05How long does implementation take?
4 weeks to ramp up across your entire portfolio. Iridium reads from the inboxes and systems you already use, so there's no system migration needed. We only have you encode your verification rules with us, which takes 1 hour a week from your ops lead, not a project delivery team.
06Can I start with part of my book?06Can I start with part of my book?
Yes. Coverage is yours to set. Point Iridium at whatever part of the book you choose, and every invoice inside it gets the full treatment, the same checks against source documents and the same debtor confirmation. The natural place to start is the invoices that get waved through today, since that's the part of the book nobody has ever checked.
