AIO and Finastra awarded $1M grant from the BIRD Foundation to expedite banks customer onboarding and loan origination
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LAKE MARY, Fla. and TEL AVIV, Israel, Feb. 11, 2021 /PRNewswire/ AIO - Verified Financial Identity, a Fintech company based in Tel Aviv, and Finastra, today announced that they have been awarded a USD $1 million grant from the Board of Governors of the Israel-U.S. Binational Industrial Research and Development (BIRD) Foundation for the co-development of a digital customer onboarding solution. Developed by AIO and available on Finastra s FusionFabric.cloud open developer platform and app marketplace, the solution automates the process of establishing the financial identity of a loan applicant in order to meet Know Your Customer (KYC)/Know Your Business (KYB) regulations.
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Encouraged by government stimulus programs, banks are finding new ways to finance SMEs. Once the economy recovers, will the surge of interest recede?
February 04, 2021
Just as it has brought changes in other walks of life, the Covid-19 pandemic has sparked and accelerated trends that are dramatically changing the way small and midsize enterprises (SMEs) in Europe and North America finance their operations. “What was thought impossible for 20 years happened in 10 days,” says Nanda Kumar, CEO of SunTec, a global pricing and billing company.
While they provide the foundation of most national economies, SMEs have long relied on traditional loans obtained through antiquated application procedures. Most small businesses still look to banks and credit unions for financing; but their applications are regularly rejected, often on account of poor credit ratings. Proprietors often lack business checking accounts and instead must run operations out of their personal accou