B2B Payments

BofI Gives Biz Lending Another Shot


BofI Federal Bank revealed late last week that it is working towards easing friction in corporate lending. The institution revealed a new portal for business lending services in an effort to manage documents associated with the lending process and allow borrowers to view loan statuses online.

According to reports, BofI’s new portal, first available for Multifamily and Small Balance Commercial customers, is called SPEED2 and upgrades the ability for both the bank and the borrowers to manage and access loan documents through a secure portal, via desktop or cloud.

[bctt tweet=”SPEED2 lets both the bank and borrowers manage and access loan documents.”]

The platform allows customers to view the loan status online or send messages to the bank. BofI added that the upgrades enhance its document delivery and storage processes through automation across an array of functions, including editing, indexing and compliance.

“Allowing our customers to electronically access the status of their loan files and deliver documents through our secure portal will provide greater transparency into our process and streamline our operational efforts,” stated the bank’s executive vice president and chief lending officer, Brian Swanson.

According to BofI, the portal will also be available to other customers across its Commercial and Industrial, Warehouse and other lending units next year.



The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.