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Paynet links BNB Bank to small business loan tech

Monday 19 November 2018 09:20 CET | News

US-based BNB Bank has announced the integration with PayNet technology to enhance its underwriting process for small business loans.

The bank will use PayNet’s Credit History Report and MasterScore v2 as part of its efforts to digitise the SMB lending process, with the PayNet solutions enabling the bank to automate risk assessment and loan approvals for borrowers. The MasterScore v2 provides financial institutions with the ability to analyse data to predict borrowers’ risk, while the Credit History Report offers access to credit data to further support the loan decision-making process.

By digitising commercial lending, BNB will decrease the time it takes to evaluate a business’ credit, allowing for better decisions via secure private company credit assessments, helping qualified small businesses gain access to credit, according to the bank.

Research released earlier in 2018 from PayNet found that small business lending picked up compared to 2017, which was attributed to a strong economy. Analysis has also found that community banks are playing a larger role in small business lending. A report published by the US Government Accountability Office in September 2018 found community banks to be important sources of credit to small businesses, and that these banks increased their small business lending volume by about 10% between 2013 and 2017.

 


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Keywords: PayNet, BNB Bank, payments , B2B lending, US, North America, small business loan, lending, credit
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