The TSEK platform was created by Tiresias in order to provide reliable solutions for companies.
The Commercial Director of Tiresias, Mr. Ioannis Paloglou, gave an interview to the industry magazine Supply Chain & Logistics on the services offered by TSEK, which support businesses in credit risk management. He explained how, by using the TSEK electronic platform and the reliability of Tiresias' data, any business can easily and quickly assess a company's financial position in order to securely expand its partnerships in Greece and abroad.
Interview with Mary Efthymiatou
- Tell us briefly about the TSEK platform. What exact services does it provide to businesses?
Businesses in Greece spend an average of 78 days per year settling overdue debts and renegotiating payment terms with suppliers and partners; 64% of them consider this to be a priority according to a recent survey (European Payment Report - Report on Greece). This is not only because it is important for them to mitigate credit risk, since the majority of transactions are carried out on credit, but also to better manage their time, which is spent settling debts instead of being invested in their development through new partnerships and business plans. The TSEK platform is designed to meet this need. It was created by Tiresias to offer businesses of all sizes and sectors a comprehensive digital solution with reliable financial and business data that are easy to use and low cost, and enable them to manage their transactions and reduce credit risk. Essentially, it provides businesses with online access to the Tiresias database, which contains the most reliable and up-to-date financial and business information for evaluating their partnerships.
- How can someone access the platform? How secure is browsing? What information is required from companies?
At any time, 24/7, from any computer or mobile phone, companies with a TSEK subscription can log in to www.tsek.teiresias.gr and search for the company they are interested in using itsVAT. They are immediately given access to the most up-to-date financial behavior data (bounced cheques, bankruptcy filings, payment orders, auctions, property foreclosures, etc.), i.e. any inability of the company to repay its debts. In addition, they can view business data, such as balance sheets, financial ratios and comparative sector data presented in simple graphs, so that they can easily compare a company's financial position with its sector overall. Browsing is completely secure, as we are particularly careful at Tiresias about data security and quality and fully adhere to the applicable institutional framework, while implementing multiple security measures in our systems. To obtain TSEK, a company simply fills in the online registration form with its details and sends the necessary supporting documents for identification purposes. It selects and pays the annual subscription fee that covers its needs and is given immediate access to the information.
- What level of information can a business obtain about a new partner company? How secure or accurate is the data entered on the platform for each company?
The reliability of the information on TSEK is secured through Tiresias, as it is obtained directly from its database, as recorded at the time of the search. It is updated daily, which is why TSEK offers the latest, most comprehensive financial behavior data, which are presented in tables by data category, with detailed amounts and items per year for the last four-year period, in addition to aggregate data, that enhance this clarity. With regard to business data, TSEK contains more than 85,000 balance sheets per year, from 2011 to the present, with detailed balance sheet data for the last four years for each company. All this is presented in credit reports in pdf format, which can be used by the company for credit security purposes etc. Furthermore, companies with export activities can search online for financial reports on companies based in 89 countries that include important data such as their solvency index, and receive this information directly by email. Right now, more than 200 companies are annually sourcing over 3,000 international financial reports.
- Is there a risk of misinformation?
The control mechanisms, organizational and technical measures and ISO quality management standards that Tiresias has incorporated into its procedures for collecting and disseminating information have reduced errors to a minimum or eliminated them altogether. In addition, the certified data sources (banks, courts, mortgage offices, land registry offices and GEMI) used and the Tiresias database update carried out daily ensure that the information provided by TSEK is timely, accurate and complete when compared to other sources.
- How much do your services cost and how can one make use of them?
The annual subscription cost for TSEK services is very low, starting at €370, so that even small companies can afford it. All subscription packages include the use of all services, i.e. VAT search, alerts and direct notifications by email of any change, balance sheets with financial ratios, sector data and international financial reports. Each company can tailor the package to its needs and use any of the above services as required, which support multiple users at no extra charge. I would say, therefore, that this is an extremely flexible service that offers value for money.