Small business lending platform Biz2Credit is rolling out a new technology designed to help traditional financial institutions strengthen their small to medium-sized business (SMB) lending operations.
With its launch announced Tuesday (May 21), Biz2X is a Software-as-a-Service platform that integrates loan lifecycle management, risk analytics and features to strengthen the borrower experience. The white label solution includes artificial intelligence (AI) analytics that can configure to an institution's unique credit policies.
"Biz2X is built on the same technology that has helped Biz2Credit become the premier digital lending platform for small businesses," said Biz2Credit Chief Executive Officer and Co-Founder Rohit Arora in a statement. "Our clients get to use that expertise to automate their small business lending and improve their pricing and credit decisions."
The firm emphasized Biz2X's ability to ease IT burdens for bank users while enhancing risk management capabilities through AI and machine learning technologies that can automate underwriting and aggregation of risk assessment data.
Biz2Credit noted that its current banking clients include HSBC and Popular Bank; the Biz2X solution aims to strengthen the company's position with financial institutions in the latest example of alternative and traditional small business lending collaboration.
According to Biz2Credit Global Chief Technology Officer Vineet Tyagi, the solution continues to take feedback from early adopters including HSBC and Popular Bank and will be used to further strengthen the product.
"Biz2X continues our long history of building innovative digital solutions in the FinTech space," he said. "Biz2X is designed on a microservices architecture that allows it to connect seamlessly into other tools across the whole technology ecosystem. The platform is also SOC-2 certified, which means it has passed the industry's highest level o security testing."
Biz2Credit first announced its partnership with HSBC Bank Canada last November that sees HSBC launching its eCredit solution developed by Biz2Credit.