FIS Launches Small Business Lending Solution for Banks
FIS launched a solution designed to help banks source, underwrite and fund loans to small- to medium-sized businesses (SMBs). The new SMB Digital Lending solution was created in partnership with small business financial solutions technology platform Lendio, FIS said in a Tuesday (July 16) press release. “By partnering with Lendio, we are leveraging our unmatched […]
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FIS launched a solution designed to help banks source, underwrite and fund loans to small- to medium-sized businesses (SMBs).
The new SMB Digital Lending solution was created in partnership with small business financial solutions technology platform Lendio, FIS said in a Tuesday (July 16) press release.
“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,” Steve Sabin, senior vice president and division executive at FIS Lending, said in the release.
The new offering is the first from FIS to focus specifically on loans for SMBs, according to the release. It joins the company’s existing solutions focused on consumer lending and large corporate loans.
SMB Digital Lending provides fully automated decisioning and loan boarding that aims to make loans for smaller borrowers profitable for banks and more affordable for borrowers, the release said.
This Software-as-a-Service (SaaS) solution is cloud-native, API-driven and built to complement any financial institution’s existing technology stack, per the release.
“Our mission at Lendio is to fuel the dreams of small business owners by simplifying small business lending,” Lendio CEO and co-founder Brock Blake said in the release. “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.”
In another product launch, FIS said in May that it rolled out a new version of its mobile banking application for financial institutions, featuring a simplified design, new fraud prevention features and upgrades to its functionality.
Also in May, the company introduced an embedded finance platform for use 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 flows and better understand customer behavior.
Another new product was launched in March, when FIS joined forces with software firm Stratyfy to combat fraudulent card transactions. This collaboration employs the FIS SecurLOCK card fraud management solution to spot and prevent fraudulent transactions.
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