Banking technology company Temenos revealed a “next-generation” business lending system, which was created to assist financial institutions (FIs) in digitally transforming their corporate banking business, according to a Thursday (Jan. 28) announcement.
Temenos CEO Max Chuard said in the announcement that business banking represents a sizable market to service, which is poised for transformation as FIs have to speed up their digital evolution to satisfy the expectations of their business customers.
“Temenos has invested relentlessly to deliver an innovative end-to-end, corporate lending platform based on advanced cloud and [artificial intelligence (AI)] technology combined with rich banking functionality,” Chuard said in the announcement.
The company’s business lending technology lets FIs assess loan applications quicker, put together intricate business arrangements and contend with negotiations effectively and transparently, according to the announcement.
Furthermore, the technology lets FIs evaluate credit risk to optimize their product portfolio and capital performance, while assisting business clients in accessing the suitable credit facilities for their requirements, the announcement stated.
In many instances, Temenos said in the announcement that corporate FIs have intricate information technology (IT) structures in which information is kept in different system siloes. This setup brings about lengthy, manual workflows and ineffective information utilization.
However, Temenos said its business lending offering assists FIs with simplifying different technologies into a core system with consolidated workflows and pricing, live dashboards and embedded insights, according to the announcement.
The bolstered business loan origination functions of Temenos assist FIs in handling the life of a loan from beginning to end, “from pre-screening to underwriting, due diligence, document capture, credit administration, acceptance and closing,” according to the announcement.
Separately, paperless trade company essDOCS became a part of Temenos’ MarketPlace in September, enabling the digitization of shipping and trade paperwork.
The CargoDocs offering of essDOCS was to be connected with Temenos Transact. It was to allow for digitization, with the inclusion of digital signing and the transfer of original title documents such as bills of lading.
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