Alice Chambers |
Microsoft partner Finastra revealed its new Loan IQ Simplified Servicing at Sibos 2024, which aims to help small and medium-sized enterprises (SME) to obtain and service loans in one integrated system.
The solution combines the functionality available in Finastra’s Loan IQ platform with a streamlined user interface that services high volume bilateral and SME loan portfolios.
By automating previously manual and disjointed lending processes, Loan IQ Simplified Servicing aims to improve data accuracy and shorter lead times. This integrated lending journey functionality breaks down silos and reduces operational risk.
“Historically the loan market has been slow to innovate, making the loan servicing function reliant on manual processes that are inefficient and error-prone – particularly when it comes to servicing high volumes of smaller loans,” said Veena Rao, head of corporate lending at Finastra. “The Simplified Servicing solution provides a way to service SME loans within Loan IQ, opening more routes to finance for SMEs. The move reflects our commitment to open finance and helping smaller businesses access the banking services they need to prosper.”
Find out more about Sibos 2024 on our event landing page