Validis, PayNet Streamline SMB Data Sharing For Lenders

Commercial lending data company PayNet is teaming up with digital financial data sharing firm Validis to augment the small business loan data management and analytics experience for joint financial institution clients, the companies revealed in a Tuesday (July 9) press release.

PayNet said it will integrate Validis’ DataShare platform into its own offering to enable lenders to collect small business financial data in a more seamless and integrated fashion. The DataShare solution will enable PayNet clients to automate the data gathering, sharing and analyzing process when underwriting small business loans via financial documents, accelerating the loan decision process while mitigating risk for lenders.

The joint solution integrates with more than 80 percent of existing accounting platforms in use by small businesses today, including QuickBooks and Sage, the firms noted. Small business borrowers can more easily and securely share information within those systems with their banks to receive quicker decisions on their loan applications.

The companies noted that this addresses friction for both borrowers and lenders.

“When access to capital is expanded, companies grow, careers thrive and communities prosper,” said PayNet General Manager and SVP William Phelan in a statement. “To close the small business credit gap, we’re on a mission to make the lending process faster, easier, more accurate and more profitable. Partnering with Validis furthers that commitment and creates greater value for our clients by digitizing and accelerating the commercial loan process.”

In another statement, Validis CEO Joel Curry pointed to the role small businesses play in supporting growth in the broader U.S. economy.

“To support growth within this market, our partnership with PayNet will be invaluable to lenders, combining technology from two industry-leading organizations to provide lenders [with] a comprehensive view of an AMB borrower’s financial health,” he said. “We are changing how lenders access the right data to make faster, more informed decisions.”