Mbanq implements AI-driven credit evaluation for financial platforms to enable faster, more accurate credit decisions when lending to small and medium-sized enterprises (SMEs).
Global banking technology and Banking-as-a-Service (BaaS) provider, Mbanq, announces its partnership with SMEApprove, a leading provider of Credit Decisioning-as-a-Service (CDaaS) to organizations that lend to the small and medium-sized enterprise (SME) sector. The collaboration improves the accuracy, speed, and efficiency of SME credit evaluations for Mbanq’s client platforms through the implementation of advanced artificial intelligence (AI) technologies.
Lars Rottweiler, CTO of Mbanq, says, “SMEApprove’s AI-powered credit decisioning platform will integrate directly into Mbanq’s offerings to enable Mbanq’s clients to enhance their credit decisioning processes for small and medium sized businesses.”
Bryan Carroll, Chairman of SMEApprove, says, “By integrating our industry-leading credit decisioning platform into Mbanq’s offering, we will empower Mbanq’s lending platforms to make faster, more accurate credit decisions for SMEs. This will benefit lenders by streamlining their operations. It will also provide SME customers with quicker access to the capital they need to grow their businesses.”
“SMEApprove’s AI-powered credit decisioning platform will enable Mbanq’s clients to enhance their credit decisioning processes for small and medium sized businesses,” says Lars Rottweiler, CTO of Mbanq.
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SMEApprove’s AI and machine learning technology delivers increased accuracy in credit decisions to help reduce the risk of defaults. It also streamlines the credit decisioning process and allows lenders to process loan applications much faster.
The platform integrates simply and seamlessly with existing credit decisioning systems and takes full advantage of modern AI capabilities. It also includes a library of credit-risk predictors and preconfigured features, making it easier for lending teams to substantially enhance existing algorithms for lending product underwriting. Importantly, the AI-enabled platform adheres to lending regulations, ensuring compliance and fairness throughout the credit decisioning process.
Lars Rottweiler adds, “One vital aspect of why we selected SMEApprove’s technology is that it ensures high levels of explainability. This allows Mbanq’s compliance team to understand, supervise and trust automated decisions, alleviating concerns about compliance and potential unfair lending practices.”
The platform incorporates a variety of new and existing data sources, enabling lenders to assess risk quickly and accurately, which helps them make informed decisions. By extending credit to a broader range of SMEs, the platform also increases lenders’ market reach.
Mbanq is a global digital banking technology and a Banking-as-a-Service (BaaS) provider. Known for its compliance capabilities, Mbanq underpins its technology with services such as dispute resolutions and regulatory and compliance, as well as numerous others, to empower any bank, fintech or company to launch and operate modern digital finance effortlessly, quickly, and resource-efficiently. www.mbanq.com
SMEApprove is a leading provider of credit and credit services to the SME sector. The company’s mission is to help champion more accessible and transparent credit for SMEs. Having helped organizations lend nearly €70 million to SMEs and supporting over 5,000 SME jobs, SMEApprove is a trusted partner for businesses of all sizes.
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