US-based financial technology company FIS has launched a new digital lending solution to support small and medium-sized businesses (SMBs), dubbed SMB Digital Lending.
FIS developed the SMB Digital Lending in partnership with Lendio, a US-based small business financial solutions technology platform.
The new digital lending solution aims to mitigate the barriers to funding for SMBs by simplifying and automating lending processes for financial institutions.
FIS said that SMB Digital Lending unlocks a portfolio of digital banking solutions focused on loans for SMBs and complements its existing consumer lending and large corporate loans.
Also, the solution conforms with any financial institution’s current technology stack, including loan servicing solutions from FIS and other providers, making it easy to adopt.
FIS lending division executive SVP Steve Sabin said: “FIS’ SMB Digital Lending solution is a game-changer for financial institutions and small businesses alike.
“By partnering with Lendio, we are leveraging our unmatched scale and reach in the banking industry plus Lendio’s advanced small business underwriting technology and empowering financial institutions to profitably serve their small business customers.
“The expansion of our digital banking capabilities illustrates FIS’ commitment to serving the entire money lifecycle, whether at rest, in motion, or at work, and I look forward to seeing the positive impact the solution brings.”
FIS said that its SMB Digital Lending is a cloud-native and API-driven SaaS solution that provides fully automated decisioning and loan boarding, focusing on smaller borrowers.
It combines large-scale data science and machine learning with market-leading loan underwriting expertise, to help banks profitably source, underwrite, and fund SMB loans.
The solution will use embedded transaction analytics to generate a complete view of borrower health, pre-qualify SMB depositors, and target them with marketing and sales outreach.
In addition, lenders seeking new customers also may benefit by connecting to its direct marketplace and embedded lending relationships, said the financial technology company.
Lendio CEO and co-founder Brock Blake said: “We are thrilled to partner with FIS, a global leader in financial technology, to help bring this SMB lending platform to banks across the country.
“Our mission at Lendio is to fuel the dreams of small business owners by simplifying small business lending. FIS’ SMB Digital Lending solution is a perfect fit for that mission, as it enables banks to offer a fast, easy, and transparent loan process to their small business clients.
“Together with FIS, we are creating a win-win situation for banks and small businesses, and we look forward to expanding our reach and impact through this partnership.”
To find out more about Lendio, please visit https://www.lendio.com/small-business-loans/
