For commercial credit risk teams

Borrowers don't stand still between reviews.

Perfected watches bank-held transaction activity and authorized registry sources for material changes not yet reported or reflected in the credit file — a new secured lender, a pledge against collateral, or an unapproved financing obligation. Your relationship managers can investigate when the signal appears, not months later at annual review.

Built for commercial banks and credit unions. By submitting, you agree to be contacted about Perfected; your email will only be used for that purpose.

SIGNAL SIG-2026-04178
Potential unauthorized secured borrowing
HIGH RISK
BorrowerMaritime Custom Millwork Ltd.
New secured partyABC Capital Finance
Estimated financing$200,000
Collateral overlapAccounts receivable
Your existing securityGSA — all present & after-acquired PP
Agreement requiresLender consent for additional secured debt
Recommended actionContact borrower this week
SIGNALS THAT PRODUCED THIS ALERT
An unexplained $200,000 inflow, unrelated to known receivables or draws
Recurring daily withdrawals matching a merchant cash advance repayment pattern
A new PPSA registration filed against the borrower, effective 11 days ago
Collateral description overlapping your existing general security agreement

The annual review finds out last.

By the time a file comes up for renewal, the borrower's balance sheet has already moved. The question isn't whether something changed — it's whether you were the one who found out, or the one who was told.

MONTH 0
$750,000 operating line originated
Secured by a general security agreement over all present and after-acquired personal property
MONTH 6
Borrower takes a $200,000 advance from a second lender
Pledges receivables already covered under your GSA — files a new PPSA registration the same week
MONTH 12
Annual review, on schedule
This is the first point most banks would discover the second lien — six months after it happened

This isn't a replacement for covenant monitoring.

Covenant tracking tools test borrower-reported information on the schedule the credit agreement sets. That's necessary, and Perfected doesn't compete with it. Perfected watches for material changes that occur before updated reporting reaches the credit file.

COVENANT MONITORING

What most banks already have

  • Tests DSCR, leverage, and other ratios from financials the borrower submits
  • Runs on the reporting cadence in the credit agreement — quarterly or annual
  • Depends on periodic borrower reporting being complete and current
  • Answers: “is the borrower still within the ratios we agreed to?”
PERFECTED

What sits underneath it

  • Watches transaction behaviour and public registry filings — data that doesn't wait for disclosure
  • Runs continuously, because the account moves every day
  • Surfaces material changes not yet captured in scheduled reporting
  • Answers: “has anything changed since we last looked?”

If your institution already runs a covenant tracking platform, Perfected sits alongside it. The signals it produces — an undisclosed lien, a stacked advance, an asset moved out from under a GSA — are the kind of thing that should trigger an off-cycle covenant review, not wait for the next scheduled one.

What it watches for.

Each signal is derived from institution-approved data sources and authorized registry searches, subject to the lender's privacy, consent and governance requirements.

Undisclosed secured financing

A new provincial PPSA registration against the borrower, checked against your existing collateral description for potential overlap.

Merchant cash advance patterns

Fixed or near-fixed daily debits to a non-bank entity — the signature of an MCA repayment, whether or not it's ever disclosed.

Receivables factoring

Payment patterns and inflows consistent with a factoring arrangement against receivables already assigned under your security.

Unexplained financing inflows

A deposit that doesn't match known draws, receivables, or owner contributions on file.

Collateral movement

Asset sales or transfers inconsistent with the borrower's normal course of business.

Tax and judgment registrations

Tax claims, statutory liens and judgments that may affect priority, collateral coverage or recovery.

How a signal gets to a relationship manager.

Four steps, running continuously in the background of a portfolio your institution already holds.

01

Start with a controlled portfolio extract

A first pilot can use a governed historical extract of transaction activity, approved debt, security records and borrower identifiers. No live core-banking integration is required to test signal quality.

02

Continuous registry monitoring

The borrower's legal identity is checked against authorized provincial PPSA sources and relevant filings. A new registration can be surfaced between scheduled reviews, subject to registry availability and matching confidence.

03

Pattern detection, tuned for precision

The system looks for specific, well-defined behaviours — not generic anomalies. Signals are tiered by corroboration: transaction evidence, registry changes and conflicts with the approved credit position increase urgency.

04

A structured signal, not a dashboard to interpret

Where credit and security documents are available, the relationship manager receives the borrower, evidence, potentially relevant restriction and recommended next step. They verify the facts and decide what happens next.

This augments your relationship managers. It doesn't replace their judgment.

A false alert here isn't just noise — it's a system telling a relationship manager to question a client relationship that may be entirely fine. Get that wrong even occasionally and the tool stops being trusted, which defeats the purpose.

Perfected prioritizes explainable, tiered signals. A matching transaction pattern, overlapping registration and credit-file conflict can produce a critical alert. A new overlapping registration without transaction corroboration can still appear as a review signal rather than disappearing entirely.

Every signal ships with the evidence behind it, not just a conclusion. The relationship manager sees exactly what was detected and decides what to do with the client relationship — because that judgment belongs with the person who has it, not with the software.

Built for commercial lending teams that need a sharper early-warning layer.

Perfected is designed to sit alongside existing lending and covenant systems. It begins with one narrow question: has something material changed since the institution last reviewed this borrower?

Regional and commercial banks

Commercial portfolios where periodic reviews leave meaningful gaps between what is happening in the account and what is reflected in the credit file. Perfected complements the institution's existing systems.

Credit unions with commercial books

Growing commercial lending divisions competing on relationship quality while operating with lean credit and risk teams. Perfected helps focus limited attention on the borrowers that warrant review.

Data handling, built for a regulated institution.

This is designed from the outset for the standards a Canadian financial institution's risk and compliance teams will hold it to — not retrofitted after the fact.

Read-only, scoped access

The intended model is scoped, read-only access. Perfected does not move funds, modify account records, contact borrowers or take credit action.

Governed use of approved data

Data sources, permitted uses, retention and consent requirements are reviewed with each institution's privacy, legal and governance teams before a pilot begins.

Full audit trail

The product is designed to retain the evidence, source and timestamp behind every signal so its reasoning can be reconstructed for internal review.

Built toward institutional standards

Security requirements, deployment architecture and control testing are defined with each prospective institution before any production data is connected.

Perfected is an early-stage product. It does not currently claim bank certification, regulatory approval or completed third-party assurance. Pilot scope and controls will be documented and reviewed before any institution provides data.

Questions a credit risk team would ask.

No. Covenant monitoring tests borrower-reported information against financial and non-financial requirements on a set cadence. Perfected watches for material activity between those reports. A Perfected signal may prompt an off-cycle review, but the systems serve different purposes.
A pilot can begin with a controlled historical extract containing transaction activity, the approved debt schedule, borrower legal identities, existing security details and relevant credit restrictions. Live integrations are not required to evaluate the initial detection logic.
Signals are tiered by the strength of their evidence. Transaction patterns, registry changes and conflicts with approved credit information raise urgency when they corroborate one another. Thresholds and feedback are reviewed with the institution's credit team.
The first validation does not require a live core-banking connection. It can run retrospectively against an institution-approved historical extract. Any later integration is separately designed with the institution's technology, security, privacy and vendor-risk teams.
Yes. The proposed starting point is a retrospective proof of value using one defined commercial portfolio segment. The institution can evaluate detection quality, explainability and false-positive rates before considering live monitoring.
Commercial terms will depend on portfolio size, data scope and deployment requirements. Early design partners will help shape both the product and an appropriate pricing model.

Six months is a long time not to know.

Talk to us about a retrospective proof of value using one controlled segment of your commercial portfolio. No live integration commitment is required to begin the conversation.

By submitting, you agree to be contacted about Perfected; your email will only be used for that purpose.