US-based fintech Fiserv has launched a new cloud-based digital lending and credit platform to help financial institutions build their small and midsize business programs.
Fiserv will use the Atlas Platform from fellow fintech StreetShares to allow financial institutions to manage the full lending lifecycle, from digital document capture, to underwriting, offer management and closing.
There will also be a streamlined, integrated small business owner hub to make it easier for financial institutions to make and edit digital loan offers.
“Financial institutions are crucial to funding the capital needs of small businesses, which play an outsized role in ensuring the vitality of communities around the country,” said Todd Horvath, head of account processing at Fiserv.
“The introduction of a turn-key, digital-first small business lending and credit platform in partnership with StreetShares underscores our focus on creating the connections our financial institutions need to stay competitive – all backed by our commitment to open banking.”
During the pandemic, Fiserv and StreetShares helped many financial institutions deliver the government-backed paycheck protection program to businesses. This highlighted the need for better digital lending solutions in the US.
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“Small business owners increasingly want a fully digital banking experience, and community financial institutions face pressure to compete with both big banks and emerging fintechs,” said Mark L. Rockefeller, co-founder and chief executive of StreetShares.
“Fiserv and StreetShares empower community financial institutions to protect and grow their Main Street relationships – with strong analytics capabilities, automated decisioning insights, and a streamlined, integrated small business owner hub built into the Atlas Platform that make it easy for community financial institutions to make 100 percent digital credit offers.”
The Atlas Platform will be integrated with Fiserv’s core systems from the fourth quarter of this year.