Supports digitization of front-end functions critical for banks looking to transform and establish a customer-centric approach to corporate lending
LONDON, November 16, 2022 /PRNewswire/ — Finastra today announced the availability of VeriPark’s cloud-based VeriLoan solution on its FusionFabric.cloud open development platform. Pre-integration with Finastra’s Fusion Loan IQ lending software provides out-of-the-box integration between loan origination and servicing functions – joining the enterprise lending process for clients, from the moment where they apply for funding, to servicing the loan.
The application is easy to deploy and offers users flexibility and easy drag-and-drop customization to support loan structures of varying degrees of complexity. Designed to manage the entire origination lifecycle on a unified platform for SMB and enterprise customers, VeriLoan provides greater transparency to borrowers and reduces closing times.
“The past few years have been extremely disruptive for businesses around the world, with major shifts in technology and customer expectations shaking up the landscape,” said Robert Downs, VP Product Management, Fusion Loan IQ at Finastra. “VeriLoan’s integration with Finastra’s lending solutions via FusionFabric.cloud means that our financial institution customers benefit from this orchestration to centralize and streamline the loan origination process, while providing a user-friendly and digitized borrower experience. to their customers. Together with VeriPark, we enable banks to employ innovative technologies that will help them grow.”
By streamlining the loan origination process, VeriLoan allows banks to make quick, risk-based lending decisions using predefined and customizable rules configured to institutions’ credit standards. VeriLoan reduces average loan application processing time by up to 75% and can significantly increase application processing capacity per month, reducing most manual touchpoints.
“Customers expect banking processes to be digitized, but while the retail banking landscape has become more automated, many corporate lenders are still catching up,” said Özkan Erener. , CEO of VeriPark. “Finastra is a valued partner and we are delighted that our VeriLoan solution is now available on the FusionFabric.cloud platform. The integration makes it easy for financial institutions to generate more engaging interactions with their customers by capturing their needs, obtaining personalized insights, and put customers at the heart of their digital transformation and innovation.”
For more information on the VeriLoan solution application on FusionFabric.cloud, click here.
For more information, please contact:
Acting Global Head of Public Relations, Finastra
J +44 (0)20 3100 3613
Marketing Director, VeriPark
VeriPark is a global solution provider enabling financial institutions to become digital leaders with its Intelligent Customer Experience suite. With its main offices located at United States, UK, Europe, Asia, Africa and the Middle East, VeriPark helps companies improve their customer acquisition, retention and cross-selling capabilities by providing proven, secure and scalable solutions for customer relationship management, omnichannel delivery, branch automation, licensing loans and Next Best Action. VeriPark works collaboratively with its clients to develop innovative technology strategies and solutions that reach millions of people every day and bring the promise of digital transformation to life.
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Finastra is a global provider of financial software applications and marketplaces, and launched the leading open innovation platform, FusionFabric.cloud, in 2017. It serves institutions of all sizes, providing solutions and services awards in the areas of loans, payments, treasury and capital. Markets and Universal Banking (Retail, Digital and Commercial Banking) for banks to support direct banking relationships and grow through indirect channels, such as integrated finance and banking as a service. Its pioneering approach and commitment to open finance and collaboration is why it is trusted by around 8,600 institutions, including 90 of the world’s 100 largest banks. For more information, visit finastra.com.
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