Specifically, the partnership between the two entities aims to expedite the lending process for small and medium-sized enterprises (SMEs) that are looking for short-term capital. TRIVER has integrated several Experian data solutions to streamline and automate the loan application and approval process. This initiative addresses common difficulties SMEs face, such as lengthy application procedures, extensive paperwork, and prolonged waiting periods for fund disbursement.
According to Experian, in 2023, gross lending to SMEs declined by over 20%, highlighting the need for more efficient lending solutions. The partnership leverages Experian's data capabilities to support TRIVER's mission of providing quick and easy access to capital for small businesses. This deployment of technology aims to significantly improve the efficiency and effectiveness of the lending process.
TRIVER's new system requires minimal information from applicants, just the business name and the director's details. The solutions being used include Experian's Commercial Delphi Generation 6, which assesses the viability of businesses over 12 months, as well as data from the Commercial Credit Bureau and Know Your Customer (KYC) products.
Experian is a global data and technology company that operates across various sectors, including financial services, healthcare, automotive, and insurance. The company focuses on leveraging data, analytics, and software to innovate and provide solutions that enhance business practices and personal financial goals.
As for TRIVER, it specialises in cash flow financing for small businesses using AI and Open Banking. The company has developed an automated invoice finance platform that converts receivables into cash flow around the clock. TRIVER's platform also supports Embedded Finance through simple API connections, enabling capital deployment as needed.
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