Mbanq Enhances Credit Decisioning for Banks and FinTechs with AI Tech From SMEApprove
August 12 2024 - 3:01PM
Business Wire
- Mbanq implements AI-driven credit evaluation for financial
platforms to enable faster, more accurate credit decisions when
lending to small and medium-sized enterprises (SMEs).
Global banking technology and Banking-as-a-Service (BaaS)
provider, Mbanq, announces its partnership with SMEApprove, a
leading provider of Credit Decisioning-as-a-Service (CDaaS) to
organizations that lend to the small and medium-sized enterprise
(SME) sector. The collaboration improves the accuracy, speed, and
efficiency of SME credit evaluations for Mbanq's client platforms
through the implementation of advanced artificial intelligence (AI)
technologies.
Lars Rottweiler, CTO of Mbanq, says, “SMEApprove’s AI-powered
credit decisioning platform will integrate directly into Mbanq’s
offerings to enable Mbanq’s clients to enhance their credit
decisioning processes for small and medium sized businesses.”
Bryan Carroll, Chairman of SMEApprove, says, “By integrating our
industry-leading credit decisioning platform into Mbanq’s offering,
we will empower Mbanq’s lending platforms to make faster, more
accurate credit decisions for SMEs. This will benefit lenders by
streamlining their operations. It will also provide SME customers
with quicker access to the capital they need to grow their
businesses.”
SMEApprove’s AI and machine learning technology delivers
increased accuracy in credit decisions to help reduce the risk of
defaults. It also streamlines the credit decisioning process and
allows lenders to process loan applications much faster.
The platform integrates simply and seamlessly with existing
credit decisioning systems and takes full advantage of modern AI
capabilities. It also includes a library of credit-risk predictors
and preconfigured features, making it easier for lending teams to
substantially enhance existing algorithms for lending product
underwriting. Importantly, the AI-enabled platform adheres to
lending regulations, ensuring compliance and fairness throughout
the credit decisioning process.
Lars Rottweiler adds, “One vital aspect of why we selected
SMEApprove’s technology is that it ensures high levels of
explainability. This allows Mbanq’s compliance team to understand,
supervise and trust automated decisions, alleviating concerns about
compliance and potential unfair lending practices.”
The platform incorporates a variety of new and existing data
sources, enabling lenders to assess risk quickly and accurately,
which helps them make informed decisions. By extending credit to a
broader range of SMEs, the platform also increases lenders' market
reach.
Mbanq is a global digital banking technology and a
Banking-as-a-Service (BaaS) provider. Known for its compliance
capabilities, Mbanq underpins its technology with services such as
dispute resolutions and regulatory and compliance, as well as
numerous others, to empower any bank, fintech or company to launch
and operate modern digital finance effortlessly, quickly, and
resource-efficiently. www.mbanq.com
SMEApprove is a leading provider of credit and credit services
to the SME sector. The company’s mission is to help champion more
accessible and transparent credit for SMEs. Having helped
organizations lend nearly €70 million to SMEs and supporting over
5,000 SME jobs, SMEApprove is a trusted partner for businesses of
all sizes. www.smeapprove.com
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Alex Player alex.player@mbanq.com