English: FIS launching solutions designed to help banks source, guarantee and fund loans for small to medium enterprises (SMEs).
New SMB Digital Lending Solution created through partnership with small business financial solutions technology platform LendioFIS said in a statement on Tuesday (July 16) pers conference.
“By partnering with Lendio, we leverage our unmatched scale and reach in the banking industry plus Lendio’s advanced small business underwriting technology and empower financial institutions to serve their small business customers profitably“,” Steve Sabinsenior vice president and division executive at FIS Lending, said in the release.
The new offering is FIS’ first to focus specifically on SME lending, the release said, complementing the company’s existing solutions focused on consumer lending and large corporate lending.
SMB Digital Lending provides fully automated loan decisioning and processing aimed at making loans to smaller borrowers profitable for banks and more affordable for borrowers, the release said.
The Software as a Service (SaaS) solution is cloud-native, API-driven, and built to complement any financial institution’s existing technology stack, according to the release.
“Our mission at Lendio is to make small business owners’ dreams come true by simplifying small business lending,” said Lendio CEO and co-founder Brock Blake “FIS’s SME Digital Lending Solution is a perfect fit for this mission, as it enables banks to offer a fast, easy and transparent lending process to their small business clients.”
In another product launch, FIS said in May that it was launching a new version of mobile banking app for financial institutions, featuring a simplified design, new fraud prevention features, and enhanced functionality.
In May, the company also introduced embedded finance platform for used by financial institutions, businesses, and software developers. The Atelio by FIS platform can help any company collect deposits, move money, issue cards, send invoices, fight fraud, forecast cash flow, and better understand customer behavior.
Another new product was launched in March, when FIS teamed up with software company Stratification to combat fraudulent card transactions. This collaboration uses FIS SecurLOCK card fraud management solutions to detect and prevent fraudulent transactions.
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