Point of sale (POS) financing SaaS provider FinMkt has teamed up with global solutions company Persistent.
The partnership aims to enable small and mid-sized financial institutions to enter the POS lending space by accelerating digital lending.
The partnership will mean banks can now capitalise on Persistent’s systems integration and FinMkt’s POS digital lending technology platform. As a result, they will be able to offer their customers a variety of financing options and serve new market segments.
The cloud-based digital banking solution will also allow banks and credit unions to directly initiate loans and provide new POS capabilities for their customers.
FinMkt only launched its multi-lender POS financing platform last year with capabilities in home improvement, healthcare and retail after which the firm ramped up its technology to meet the needs of financial institutions.
Its services now comprise an end-to-end loan technology including automated underwriting, compliance elements including know your customer, anti-money laundering, compliance with the Fair Credit Reporting Act (FCRA), loan allocation and credit optimisation engines as well as configurable risk models. In the coming months, FinMkt aims to boost its artificial intelligence and machine learning capabilities to help financial institutions shape their credit policies.
Persistent, which delivers digital business acceleration, launched the Persistent Digital Bank & Credit Union solution in 2019 which aids financial institutions to enhance their digital capabilities.
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