ForwardAI and Fifo Capital Collaborated to Ease Loan Funding

ForwardAI has collaborated with Fifo Capital. With this partnership, Fifo Capital can now use financial, accounting and cash-flow prediction data offered by ForwardAI and improve its business loan underwriting procedure.

ForwardAI, a FinTech company and Fifo Capital, an Australia-based company that enables its consumers to take control of their cash and working capital have come together to allow Fifo Capital to add a solution that enables automated cash flow lending. Fifo Capital which has been masterly serving its customers with various financial services, such as Invoice Finance, Trade Finance, and Supply Chain Finance, will now be able to serve loan sanctions more proficiently.

Wayne Morris, CEO, Fifo Capital, stated, “After an extensive search of the market, Fifo saw ForwardAI as a clear winner to assist us with obtaining and managing our client financial and business data, driving faster and better lending decisions. ForwardAI has focused on the future needs of lenders and clients, delivering today very powerful cutting-edge data analytics and tools. What impresses us most is their desire to be the best of the breed, and to collaborate and work together to build a better ForwardAI and Fifo Capital offering. It’s a truly rewarding partnership and win-win all round.”

This lending process will be executed by having short-term, and long-term cash flow backed by several data attributes. In place of previous business data collection, the cash flow technology of ForwardAI lets Fifo Capital process loans quickly and securely.

Nick Chandi, CEO and Co-Founder, ForwardAI, commented, “We’re excited to be partnering with Fifo Capital, a leading provider of business finance solutions in Australia. Manual data collection and an overreliance on historical business data are still widespread among business lenders, resulting not only in inaccuracies but also in disadvantaging data-thin businesses. ForwardAI’s technology provides Fifo Capital with streamlined access to accounting, banking and financial data – combined with historical and predictive data points – which increases confidence in the loan underwriting process and expands access to underserved business owners.”

 Read: Finastra and Mindtree Partnered to Improve Banking Operations

Fenergo Launches FinCrime Risk to Offer Risk Management

Fenergo, a pioneer in digital solutions, such as KYC (Know Your Customer) and CLM (client lifecycle management) has unveiled a new platform, entitled, FinCrime Risk. Financial organizations will be able to unify and automate risk measuring procedures and simplify AML (anti-money laundering) regulations throughout all verticals of the business and locations using FinCrime Risk.

With long compliance evaluation, changes in the monetary sanction measures, and the surge in financial crime activities, manual and siloed financial risk management solutions have not been able to cater for these challenges efficiently. Contrary to these solutions, FinCrime Risk allows companies and organizations to strengthen risk measurement into a unified platform where they can digitalize the manual risk evaluation that leads to increasing client enrolment experiences and bringing operational productivity.

Stella Clarke, Chief Strategy Officer, Fenergo, stated, “Many financial institutions today are challenged with paper-based, siloed and inadequate risk assessment models for AML. It was important for us to design a product that can be used across a wide range of geographically dispersed financial institutions, from corporate and investment banks to universal banks and payment service providers. What is particularly significant for existing and new clients is the ease of adoption; financial institutions can benefit from Fenergo’s market-leading financial crime credentials immediately.”

The Fourth AML Directive in the European Union said financial organizations need to determine exposure to countries where their AML and counter funding of terrorism (CFT) are deficient and implement improved attentiveness to the clients whose companies are at high risk. The ever-changing compliance system identifies that financial organizations must be ready to show how their risk management solution can oust the risk issues to regulatory authorities.

FinCrime Risk has a separate compliance system made on API-first and channel-driven technology that can be added efficiently into any tech infrastructure. It offers a huge data of risk profiles, like customers and entities that can be used by authorised users from any integrated platform.

Read: A Brief about Integrated Risk Management Platforms

Splitit Unveils its Installments-as-a-Service Platform

Splitit, a split payment service provider, using its pioneer Installments-as-a-Service platform has launched a new method to empower instalment payments. With this new initiative, Splitit will use credit on payment cards of active customers in order to streamline their checkout experience integrated into the ongoing payment flow.

BNPL is offering increased sales to vendors, but at the same time, they also make them lose customers and face reduced checkout conversion as customers find it more time-consuming. Consumers also try to stay away from the buy now pay later system with increased regulatory checking process and sparse credit approval rates. An Installments-as-a-Service platform of Splitit removes these problems, turning it into a valued payment service for vendors.

Nandan Sheth, CEO, Splitit, said, “Splitit is not a payment method. We are not an offers engine using harvested data or a super app in the making. We are a top-of-wallet service that empowers consumers, merchants, processors, networks and issuers. We are the only instalment platform to offer a unified global experience by utilizing existing payment rails. The appeal of Splitit is that any consumer that has used their card to make a purchase will intuitively find our solution an easier way to pay. The first phase of our plan is to bring our white-label solution to acquirers, merchants, and independent software vendors (ISVs) in the US. But our future vision is to scale globally, offering a consistent experience for cross-border and global markets.” 

Installment-as-a-Service of Splitit with its single global API turns out to be the easiest BNPL option for vendors to execute. It integrates into the ongoing acquirers, and checkout process, enabling vendors to employ the same processor used by them on the same day. The setup of the API for local or global payment can be done in a few days or weeks.

Read: ZoodPay Partners with Network International for BNPL