US-based AI-powered digital loan origination platform Algebrik AI has entered a strategic partnership with Carleton, a financial software company providing compliance solutions.
The collaboration will combine Carleton’s payment calculation APIs into Algebrik’s cloud-native Loan Origination system (LOS) to enhance lending accuracy and compliance.
It will also focus on compliance at scale, providing real-time validation of loans against state and federal regulations, a critical feature for both indirect and direct consumer lending.
In addition, the partnership expands product support, enabling easy handling of loans across credit cards, home equity lines, auto loans, and more.
Algebrik AI founder and CEO Pankaj Jain said: “Partnering with Carleton strengthens our ability to deliver a precise, compliant, and seamless experience for lenders.
“With Carleton’s advanced calculation and compliance capabilities embedded in Algebrik AI’s LOS, it is already fulfilling on its mission to deliver a unified lending platform to streamline processes across all stages of loan origination.”
Through the partnership, Algebrik AI will use CarletonCalcs loan origination and compliance APIs to provide precise loan calculations, compliance, and expanded product support.
It includes accurate disclosure values, payment calculations, and credit insurance support tailored to various lending products for operational efficiency in consumer lending.
The combined platform will provide lenders with advanced tools for product configuration, seamless borrower experiences, and automated compliance.
The integration would enable effective scaling and allow lenders to launch new products with minimal effort while ensuring accuracy and compliance throughout the lending journey.
Algebrik AI said the partnership enables compliance across more than 1,000 calculation methods, including credit insurance, disability, and GAP coverage.
Carleton president and COO Matt Ruszkowski said: “Our partnership with Algebrik highlights the importance of accurate and compliant payment calculations in today’s financial landscape.
“Together, we’re empowering lenders with tools to increase efficiency and build trust from borrowers, thereby enhancing the lending journey.”
Recently, Algebrik AI has partnered with financial services company Plaid to simplify the loan approval process by integrating its consumer-permissioned data with Algebrik AI’s platform.
