TRIVER and Experian have entered into a partnership aimed at enhancing lending to small and medium-sized businesses (SMEs).
The partnership seeks to streamline the application and approval process for SMEs, making it more efficient and quicker. This initiative addresses the common challenges SMEs face, such as lengthy applications and significant paperwork, by implementing Experian’s suite of data solutions.
TRIVER underwrites the risk of small business borrowing swiftly, offering advances on business invoices at any time. To support this goal, TRIVER has integrated Experian’s data solutions to provide an end-to-end automated application and approval process that can be completed in as little as six minutes.
Experian’s contributions to the partnership include Commercial Delphi Generation 6, a commercial credit risk score that evaluates business viability over a 12-month period, and Commercial Credit Bureau data, which offers extensive information on British businesses and their financial health. Additionally, Experian’s Know Your Customer (KYC) products will be utilised.
Eduardo Castro, managing director, business information, Experian UK&I, said, “SME business lending is a vital component to the success of the economy but latest figures shows that gross lending fell by more than a fifth in 2023.
“By using Experian data and solutions, we are helping TRIVER support their customers in a way that was previously not possible, deploying technology to make a real and tangible difference to businesses across the country.”
Jenny Holt, chief risk officer, TRIVER, added, “As a new fintech we have the opportunity to build a solution from scratch that fully utilises the latest digital solutions and data. We knew Experian could provide the expansive data sources to support a fully automated solution.
“It is a real gamechanger, and empowers us to make smarter and more accurate decisions in the approval process. All we need to ask of businesses is their name and which of the directors is applying for funding, and we can approve applications in just a few minutes. It is a vital tool for us to go live and to identify those small businesses we can support.”
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