Validis, a pioneer of digital financial data sharing and standardization, and PayNet, an Equifax company that provides commercial lending data and analytics, announced a strategic partnership to combine the companies’ powerful lending and data technologies. Through this partnership, financial institutions will be able to collect financial data from applicants at the click of a button to accelerate decision time and increase the size of loans.
PayNet will integrate Validis’ technology platform, DataShare, into its suite of solutions in order to solve the outdated process of lenders manually gathering, sharing and analyzing applicants’ financial statements. As a result, lenders will significantly increase process efficiencies, provide a quicker “time to decision” and improve the lending journey and outcome for SMBs.
Connecting to more than 80 percent of online and offline accounting applications used by the SMB market, including Sage, QuickBooks and Microsoft platforms, this solution will allow borrowers to securely and seamlessly share financial documents with lenders. The time saved by using these digital capabilities means easier, faster and more confident credit decisioning for lenders.
“When access to capital is expanded, companies grow, careers thrive and communities prosper,” said William Phelan, SVP and General Manager at PayNet. “To close the small business credit gap, we’re on a mission to make the lending process faster, easier, more accurate and more profitable. Partnering with Validis furthers that commitment and creates greater value for our clients by digitizing and accelerating the commercial loan process.”
“Small businesses are a crucial part of the U.S. economy and have become a key focus of the lending market,” said Joel Curry, CEO of Validis. “To support growth within this market, our partnership with PayNet will be invaluable for lenders, combining technology from two industry-leading organizations to provide lenders a comprehensive view of an SMB borrower’s financial health. We are changing how lenders access the right data to make faster, more informed decisions. We look forward to working with PayNet to expand access to this critical offering.”
PayNet, Inc., an Equifax company, is the leading provider of credit ratings on small businesses enabling lenders to manage credit risk, grow earning assets and operate credit processes at a lower cost. PayNet maintains the largest proprietary database of small business loans, leases and lines of credit encompassing over 24 million contracts worth over $1.6 Trillion. Using state-of-the-art analytics, PayNet converts raw data into real-time marketing intelligence and predictive information that subscribing lenders use to make informed small business financial decisions and improve their business strategy. For more information, visit http://www.PayNet.com.
Led by experienced and influential finance and technology experts, Validis connects commercial lenders and accountants to their customers’ accounting applications, standardizing the data and autogenerating financials. This digital transformation technology provides massive efficiency gains, revolutionizing time consuming, manual processes. Validis is headquartered in the United Kingdom with offices in North America. For more information, please visit www.validis.com.