Cloud-based loan origination platform adds cash flow
underwriting tools to enhance credit unions' risk decisions
AUSTIN,
Texas & CHICAGO,
April 18,
2024 /PRNewswire-PRWeb/ -- Sync1 Systems, the leading
loan origination platform for credit unions, has partnered with
EDGE to deliver income verification, risk attributes, risk scores,
and relationship attributes.
EDGE is thrilled to work with such an
innovative, forward-thinking platform as Sync1. This partnership
will enable a number of credit unions to provide faster, fairer
decisions to members.
The partnership will enable credit unions using Sync1's
cloud-based loan origination platform to look beyond traditional
credit scores and have access to attributes based on real-time
financial insights from members' share draft accounts as well as
external accounts.
"We're thrilled to work with such an innovative,
forward-thinking platform as Sync1," said Craig Peterson, EDGE's Vice President of Sales
for Credit Unions. "This partnership will enable a number of credit
unions to provide faster, fairer decisions to members."
EDGE provides open banking insights for income verification and
credit risk assessment, utilizing data partnerships from credit
unions' own data from directly their core processing system
combined with external account data from nearly every financial
institution in the U.S.
EDGE's risk attributes and scores leverage years of experience
in consumer lending as well as the industry's largest data lake of
transaction data married to loan outcomes provided to EDGE as a
consumer reporting agency.
"Integrating EDGE adds another powerful capability to our
platform," said Steve Maloney, CEO
of Sync1. "Open banking provides unique insight into applicants'
ability to pay based on income, spending, and saving
behaviors."
With Sync1's loan origination system, credit unions can
streamline their loan processing workflow while providing a
seamless applicant experience using a robust automated decision
engine and dynamic workflow configuration.
Founded by veteran credit union leaders, Sync1 is designed
around the needs of member-focused organizations and can be
remotely configured then deployed for any financial partner
utilizing data from every major core processing system.
Similarly, EDGE's end-to-end cashflow underwriting solution is
built by lenders for lenders with the flexibility for any consumer
credit portfolio to maximize approvals and minimize losses
according to individual risk and growth objectives.
"Cashflow underwriting is the driving force to expand credit
access for the 50 million U.S. adults with thin or no file at the
mainstream credit bureaus and promote fairer lending practices for
everyone," said Brian Reshefsky, CEO
of EDGE. "Partnering with Sync1 enables us to bring real-time
income and risk insights to credit unions for a step change in
improved member care."
About Sync1 Systems:
Sync1 Systems is an Austin-based loan origination software focused
on lending and digital experience. We use the most effortless and
smooth technology to transform the user experience and bring power
to our partners for today's ever-changing digital landscape.
Founded by a team of innovative experts, we understand the unique
needs of our partners. Sync1 Systems exists to serve the needs of
our partners, and lending is our core foundation, bringing a
turnkey solution to the financial services industry.
About EDGE:
EDGE is a consumer reporting agency based on open banking data
from an optimized portfolio of bank data aggregators and risk
analytics built by lenders for lenders for
actionable insights into consumer creditworthiness. The platform
was launched by the lenders, entrepreneurs, and data scientists who
pioneered data-driven digital lending for Everyday Americans two
decades ago. EDGE delivers risk insights for use cases across the
credit account lifecycle that have been performance-tested on real
world lending decisions on over four billion bank transactions
linked to over half a billion dollars in loans since 2017.
Media Contact
Media Relations, EDGE, 1 312-205-8996, media@edgescore.com
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SOURCE EDGE