Payment and financial services provider Fiserv has launched a digital credit and lending platform for small and medium-sized businesses (SMEs).
“Fiserv’s latest offering, leveraging FinTech StreetShares’ Atlas platform, enables financial institutions to manage the entire loan lifecycle, from digital document capture to underwriting, offering management and closing, meeting the expectations of staff and customers, “the company said in a press release on Thursday, October 14.
Fiserv claims that this platform, which will be integrated with its core systems from Q4 2021, offers analytics, automated decision information and a hub for business owners where financial institutions can bid on. ready.
The Wisconsin-based company says so and StreetShares has helped a number of financial institutions with Paycheck Protection Program (PPP) loans throughout the pandemic, helping many of them acquire new customers. SMEs in the process.
“In 2020, we were able to strengthen our relationships with small businesses because we were able to rely on Fiserv to help us respond more effectively to the high demand for Paycheck Protection Program loans,” said Richard Olson, vice -President Director of Retail and Corporate Marketing at Envision Bank. . âWe see a great opportunity in continuing to serve the lending needs of small businesses and leveraging this technology to do so more efficiently as part of our overall commitment to our clients to deliver a great experience. “
Fiserv says SME loans present a major opportunity for financial institutions, many of which want to diversify their income. A digitally-driven approach for these businesses is crucial, according to the company, as 47% of small businesses say technology has “a disproportionate impact” on their ability to work with an institution.
Read more: Synchrony and Fiserv extend their partnership to offer Clover
Also on Thursday, Fiserv and Synchrony announced that they are expanding their partnership with a new agreement that allows SMEs to access Synchrony products and services and accept credit card payments through Fiserv’s Clover.
Both companies say the expansion marks the first time that private label credit cards will be accepted on the Clover point of sale platform.