CPA.com & Confirmation.com Launch Financial Info Exchange
Private companies are the backbone of the U.S. economy, making up the overwhelming majority of the nation’s 28 million businesses. Unlike with public companies, whose key data is accessible through the Securities and Exchange Commission’s EDGAR system, there is no central repository for private company financial information. As a result, many private businesses still rely on outdated methods to distribute financial statements, tax forms and other key documents, such as mailing or hand delivering paper copies or emailing unsecure files. Banks, private equity firms and other users of this information have little way of knowing if the data they receive has been altered.
The RIVIO Clearinghouse transforms how private company financial information is exchanged by:
• Validating that a financial document has been uploaded by a licensed CPA firm
• Eliminating the possibility that company management can change data once it is uploaded
by the CPA firm
• Allowing companies complete control over who can view the information, so financial data
remains private and protected
• Providing anytime, anywhere access to the information, which can speed lending decisions
and other business transactions
• Protecting private company information with encryption and an IT architecture tested by
rigorous security audits
“In today’s digital world, bankers and investors are expecting authenticated sources of data,” said Erik Asgeirsson, president and CEO of CPA.com. “The RIVIO Clearinghouse uniquely provides a system where only licensed CPA firms can upload audited and reviewed financial statements used by lenders, private equity firms and others.”
The clearinghouse does not replace or compete with firm or bank portals, since it was designed specifically for transferring information between three distinct user groups with features relevant to each. In time, the RIVIO Clearinghouse can be integrated into these portals.
“One of the key benefits of the new clearinghouse is fraud prevention,” said Brian Fox, CPA, president and founder of Confirmation.com. “It’s easy to alter a paper financial document or create a bogus PDF, but the RIVIO Clearinghouse prevents changes once a CPA firm uploads a financial statement. That provides peace of mind for lenders and other interested parties.”