The latest module, which is expected to be launched in the first half of 2017, will provide indepth analysis of collateral and financial data when corporates apply for loans, enabling applications to be processed quickly with minimal human intervention.
Currently an application for a loan can take up to three or four weeks to process as a result of the number of documents that need to be drawn from numerous location. The development is expected to shorten the process to as little as ten minutes. In addition, automation it reduces the potential for bias in decision making and with all activity captured in one place will be compliant with existing regulation.
This platform will not only make the process quicker but will analyse the risk more effectively thereby potentially reducing banks’ cost of capital and ultimately enabling them to lend more money at better rates.
Andy Edler, Business Development Director of Equiniti Intelligent Solutions commented, “This platform will be transformational in the way corporates apply for loans. Being able to value assets more accurately and use much deeper data sets will enable us to mitigate risk more effectively and at the same time be more compliant. There is no doubt though from a cost, efficiency and client satisfaction perspective it is the increase in speed that will truly set this product apart.”
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Notes to Editors
Equiniti is a specialist outsourcer delivering technology-enabled solutions to large enterprises. It processes £90bn in payments every year, handles 88 million documents and pays 20 per cent of pensioners in the UK. We are acknowledged leaders in many of our markets and keep things running smoothly for some of the UK's best-known brands and public sector organisations.
We help clients manage the challenges of an increasingly regulated world through our RegTech capabilities including know-your-customer, biometric mobile authentication, lending, risk management and fraud analytics solutions.