Global financial software provider finastra announced its Loan IQ Simplified Servicing solution at Sibos 2024.
The new solution is designed to streamline lending services for bilateral loans and SME loans by providing a simplified interface aimed at processing large volumes of loans efficiently.
By integrating this new functionality into the existing Loan IQ platform, financial institutions will be able to manage their entire loan portfolio within a single system.
This development aims to improve efficiency, reduce operational risk and increase transparency by breaking down silos within the lending process.
By automating tasks that were previously performed manually, it is expected to reduce processing time and improve the accuracy of loan repayments.
Finastra stressed that this initiative could also improve financial access for small and medium-sized enterprises (SMEs).
“Historically, the loan market has been slow to innovate, with loan repayment functions relying on inefficient and error-prone manual processes, especially when it comes to repaying large volumes of small loans.
The Simplified Servicing solution provides a way to service small business loans within Loan IQ, opening more routes to lending for small businesses. This move reflects our commitment to open finance and helping small businesses access the banking services they need to thrive. ”
Veena Rao, head of corporate lending at Finastra, said:
Featured image credit: Edited from freepic
