The world of finance has been continuously evolving in recent years, embracing technological advancements to improve both service delivery and client satisfaction. A key area of innovation is in loan origination for commercial lending, where automation has become a powerful tool in boosting efficiency. This transformation is helping lenders reduce operational costs, speed up service delivery, and enhance the customer experience.
Factoring is susceptible to various types of fraud. Here are five of the most common types: Timing Fraud: Timing fraud involves manipulating the timing of invoices and payments to deceive the factoring company. For example, a company might delay reporting payments received from customers to make it appear as though the invoices are outstanding and eligible for factoring.
Decipher Credit announced its API integration partnership with First Corporate Solutions, Inc. to help its users accelerate the capture and onboarding of new clients and perform due diligence instantly. Shared users will be able to perform UCC search and filing automatically directly from the Decipher origination and underwriting platform and benefit from trusted First Corporate Solutions services. The shared expertise in specialty lending and commitment to technology also make the partnership a clear win for both companies and their clients.
SBA lenders have been working nonstop to help small businesses affected by COVID-19 get access to capital under the CARES Act signed into law last week for businesses via the Payroll Protection Program (PPP). Decipher's team has been working around the clock and has developed an all-digital SBA PPP lender application and complete automated solution to process and approve businesses quickly.
Experts agree on the Top 5 Trends for Commercial Lenders in 2019. Changes in the lending model, in technology, remote work, and open banking are set to impact lenders in 2019. Decipher sourced information from Forbes, The Financial Times, Business News Daily, PwC and experts in lending to bring you the latest trends that will impact lenders.
How and why technology is innovating the traditional commercial lending space. Businesses can now apply online for funding and commercial lenders can respond faster, stay ahead of competitors, and take on more customers with cutting edge underwriting technology.