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CUSO partners to provide cashflow underwriting technology to credit union community
How Open Banking and Cashflow Analytics Can Eliminate the Stipulation Process for Credit Unions
Next-gen loan origination platform to offer end-to-end open banking underwriting insights as part of its highly-customizable system.
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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.
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Industry-first open banking platform will deliver access to external accounts alongside direct connectivity to credit unions' core systems for complete financial picture of members and indirect applicants.
For much of the past decade, open banking has been a buzzword tossed around by opinion leaders, pundits, and a few of my smarter friends. I'll admit that I didn't have more than a third-grader's understanding of open banking until I met the EDGE team and started ideating with them on what we could build and bring to credit unions.
Leading credit union fintech news outlet Finopatomus covered EDGE's recent entry into the space and unique value proposition.
EDGE, a consumer reporting agency and leading cash flow analytics platform, has appointed Craig Peterson as Vice President of Sales for Credit Unions. Peterson will lead EDGE’s offering for credit unions with responsibilities encompassing all new market development and related platform, channel, and product partnerships.
When most of us were gearing up last fall for turkey, football, and political arguments with Uncle David, Amazon announced they were going to start selling cars. And why not? They drop off boxes weekly at most of our doors for everything from TVs to toothpaste, but with an average order value of around $50 they’ve been missing out on one of the biggest ticket purchases most of us ever make: our cars.
Today, we're diving into the world of storefront lending and how automation is transforming the game. We'll explore the incredible advantages of automation and how it's paving the way for more efficient, customer-friendly, and data-driven lending processes.
In the world of lending, making sound decisions is paramount. A borrower's income is a critical factor in assessing their creditworthiness and ability to repay a loan. Lenders require effective tools to evaluate this key aspect of every loan application. Enter EdgeIncome, a solution that empowers lenders to make informed decisions while streamlining their operations.
Bank transaction-based credit risk underwriting revolutionizes lending by providing valuable insights into borrowers' repayment abilities, and EdgeScore excels as a leading predictive risk score in accurately assessing risk across the credit spectrum.
Verification of income has traditionally been one of the most expensive and time-consuming steps in a loan application. With the innovation of instant bank verification (IBV), proof of income can be achieved in near real-time along with a host of risk insights relevant for credit decisions.
Edge, using its industry-leading data lake, has gained valuable insights into the influence of Buy Now Pay Later (BNPL) on various credit types. Proprietary research reveals that borrowers engage in familiar patterns such as loan stacking, increased borrowing during financial stress, and heightened default risk due to additional obligations.
Buy Now, Pay Later plans are frequently in the headlines for opportunities and risks alike. BNPL obligations pose a challenge for other lenders because they are largely unreported to credit bureaus. However, these liabilities can be reliably found in bank transaction data – an essential step in decisioning on a complete picture of consumer risk.
Traditional credit scores are inadequate for assessing risk in nearly half of the U.S., while analyzing cash flow behaviors in checking and savings accounts provides a more comprehensive financial picture, leading to actionable insights that enhance underwriting decisions.