Finastra adds corporate lending app VeriLoan to FusionFabric cloud

By Gloria Methri

Finastra has announced that VeriPark’s VeriLoan cloud-based solution will now be available on its FusionFabric.cloud open development platform.

VeriLoan app is easy to deploy and offers users flexibility and customization, to support lending structures of various complexities.

Designed to manage the entire origination lifecycle in one unified platform for SME and corporate clients, VeriLoan provides transparency to borrowers and decreases closing times.

“The integration of VeriLoan with Finastra’s lending solutions through FusionFabric.cloud means that our financial institution customers benefit from this orchestration to centralize and streamline loan origination process while providing a user-friendly, digitized borrower experience to their clients. Together with VeriPark, we are empowering banks to employ innovative technology that will help them grow,” said Robert Downs, VP Product Management, Fusion Loan IQ, Finastra.

By streamlining the loan origination process, VeriLoan enables banks to make fast, risk-based lending decisions using pre-defined, customizable rules configured to the institutions’ credit standards. The solution claims to reduce the average loan application processing time by 75% and increase application processing capacity per month.

“Customers expect bank processes to be digitized, but while the retail banking landscape has become more automated, many corporate lenders are still catching up,” said Özkan Erener, CEO at VeriPark. “Finastra is a valued partner and we’re thrilled that our VeriLoan solution is now available on the FusionFabric.cloud platform. The integration makes it easy for financial institutions to drive more engaging interactions with their customers by capturing their needs, gaining personalized insights, and placing customers at the core of their digital transformation and innovation.”