OnDeck launches Platform-as-a-Service subsidiary, ODX

Thursday 18 October 2018 00:44 CET | News

US-based small business lending platform OnDeck has announced the launch of a new subsidiary aimed to help banks serve SMEs.

Dubbed ODX, the new Platform-as-a-Service (PaaS) entity is an extension of OnDeck’s platform services and will focus on helping banks digitise their small business lending efforts via a combination of software and analytic insights.

Banks leveraging ODX can offer a fully-digital application and underwriting process that provides the business with funding within 24 hours.The service delivers a bank-ready origination platform, analytic support, and implementation services that speed product and process transformation to help banks meet the needs of their customers.

Founded in 2007, OnDeck has loaned more than USD 10 billion to small businesses in 700 different industries across the US, Canada and Australia since launch. The company leverages its OnDeck Score that uses advanced analytics to make real-time lending decisions.

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Keywords: OnDeck, platform-as-a-service, ODX, PaaS, lending, B2B, SMEs, bank-ready origination platform, US
Countries: World