ThinCats has become the first lender to use an integration between company intelligence platform DueDil and cloud banking and digital solutions firm nCino to quicken and improve its due diligence checks.
The alternative lender now runs all its Know Your Business (KYB) checks through DueDil on the nCino platform. The integration aims to onboard clients faster and better manage risk on a single platform, DueDil said.
DueDil’s company intelligence platform supplies the information lenders need to check companies are legitimate and honest in their declarations, including financials, ownership structure and credit risk.
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“An important reason for initially partnering with nCino, beyond the speed at which we were able to implement and its robust functionality, was the platform’s ability to easily integrate with other applications,” said Steve O’Neill, chief technology officer at ThinCats.
“We wanted a platform that could grow with us and accelerate new opportunities and this integration is a great example of that in action.
“Thanks to the excellent compatibility between the nCino and DueDil technology, and the strong collaboration between the respective teams, we now have a valuable source of new data embedded within our existing operating processes.”
“It’s not unfair to say that the past 15 months or so have been some of the hardest ever for SMEs in the UK,” said Justin Fitzpatrick, chief executive at DueDil.
“Simple access to funding was, and continues to be, their lifeline for survival. nCino’s customers in EMEA can now offer funding in a more risk-averse way by leveraging the DueDil API for KYB checks.
“With so many financial services brands already using nCino, the ease and availability to consume DueDil just became significantly simpler. We’re proud to be working together to make KYB checks more accessible to the lending industry.”
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“We’re pleased that the integration between nCino and DueDil has provided ThinCats the opportunity to realise even more benefits for its staff and clients”, said Rob Martin, technology partners manager at nCino.
“Automation remains one of the greatest weapons in reducing the risks that financial institutions face related to compliance issues and fraud.
“As we’ve all seen in the past year, it’s critically important that financial institutions adapt their technology to current market needs and we view this collaboration as a proactive way of helping institutions establish best practices to address risk and compliance.”