Supporting Lenders with loan application acceleration during COVID-19

We are working in unprecedented conditions.

This is truly a unique and urgent situation. Governments and Central Banks have come together to provide liquidity, reassurance, and fiscal stimulus to our markets. Access to credit and flexible credit structures – provided by lenders or government agencies – are key to restoring economic order and eventual recovery.

We must all come together in this effort – we each have an important part to play.

In the near-term, lenders will be deluged with new credit applications, requests for forbearance and for increased limits on existing facilities. They will not be able to cope with the inbound volume of requests. During the week of March 16th, US Lenders reported a 600% spike in application volumes to Validis and we have seen a similar impact across the UK as well.

Information will be the critical ingredient in decisioning any credit request. The information needed cannot be stale, crude or backward looking. It must be timely, straight from the applicants own accounting system with emphasis on cash and movements in receivables and payables. It must be continually monitored going forward. Loan loss reserves, regulatory reporting and RWC decisions will be driven off this data.

We are uniquely positioned to throw embattled Lenders, Businesses and Governments an immediate lifeline. 

Live, accessible and interpretable accounting data

We automate access and review of business financials. We turn data from business accounting systems in to clear, crisp and consistent reports for lenders. And we offer this 100% digitally without the need for lengthy API integration development (through our white-labelled client portal).

Today we are supporting some of the World’s largest lenders as they deal with unprecedented credit volume demands in the wake of COVID-19.

In particular, we are helping them:

  • provide immediate relief to the volume of requests for: New credit, Forbearance, Re-Structuring and Limit increases;
  • access new emergency government programs;
  • access real-time accounting records, fully permissioned, directly obtained from the borrowers own accounting software system for origination purposes;
  • provide access to borrower accounting records, for monitoring and regulatory reporting purposes;
  • populate lenders preferred spreadsheet tool with current accounting information, auto-calculating financial ratio detail for them;
  • detect application fraud, by flagging non-standard patterns in the preparation of financials;

During these uncertain times, ensuring credit facilities reach the businesses that need them is one of the key activities that can limit the economic impact and support future recovery. Lenders scaling operations in order to deal with the vast increases in demand must digitise their operations far more quickly than they have ever done in the past.

If you are struggling to deal with the unprecedented volumes of business loan requests, then we can help. Contact us today.

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