To roll out a completely managed small business lending offering that digitizes the end-to-end loan life cycle, application development technology firm Unqork has teamed with Deloitte. The offering will let small business lenders make the distribution of loans to businesses in need of coronavirus relief simpler, according to an announcement.
The platform provides an easy-to-use experience for the borrower in addition to integrations with data providers, real-time validations and servicing as well as underwriting functions for lenders. It can be put into action in a matter of days while meeting the desired experienced of a lender through customization per the announcement. Also, the service meets Coronavirus Aid, Relief, and Economic Security (CARES) Act requirements per the announcement.
Noting the CARES Act is designed to help small businesses weather the economic storm of the COVID-19 pandemic, Unqork Head of Financial Services Rabih Ramadi said in the announcement, “However, the challenges of processing $349 billion of loan volume in a few weeks has exposed the inadequacy of the technology platforms currently servicing the small business loan market. It left most lenders with complex operational challenges resulting from legacy technology and manual processes and controls.”
Ramadi continued, “This lending service addresses these inefficiencies by quickly getting small businesses the economic relief they need.”
In separate news, Biz2Credit was teaming with Infosys to grow its white label small business lending-as-a-service offering to additional financial institutions. The small business lending platform said it would work with the consulting firm, which will support the integration of Biz2X, Biz2Credit’s SaaS platform, for joint financial institution clients.
Infosys and Biz2Credit will together join their small business lending and core banking technology knowledge to support customized small business lending integrations for financial institutions.
Infosys VP and Global Head of Cards and Payments Narayan Sivaram (Nans) said in a statement, in part, “Financial institutions will benefit from our partnership and leverage this solution to accelerate their journey to becoming truly digital.”