Latin American online lender Afluenta has obtained the support of the Multilateral Investment Fund, an innovation lab of the Inter-American Development Bank, for development of a green loans product; the lender will provide the loans to individuals and businesses seeking financing for renewable energy equipment, energy-efficient appliances and other green energy related purchases; the development process for the green loans will include customized credit underwriting for energy efficient loans and borrowers. Source
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AI Assist in partnership with Conversica has launched the Conversica AI Sales Assistant for financial services; targeted users include alternative finance companies, merchant cash advance lenders and brokers, mortgage lenders and brokers, merchant processors, equipment leasers, debt consolidators and student loan providers; Conversica reports that the AI solution can significantly improve customer engagement specifically through follow up on incomplete funding applications. Source
Dwolla has announced a new feature on its Access API for businesses that will now enable same day money transfers; Access API can be easily integrated into a small business' accounting system; the enhancement will help businesses by giving them the capability to make same day payouts, take advantage of vendor discounts and make same day refunds, all managed efficiently through their integrated systems. Source
Marketplace lending data analytics provider, Monja has announced a new daily valuation service for marketplace loans; the daily loan valuation service adds to the current reporting options for institutional investors and investment management clients, increasing the analytics for marketplace loan portfolio valuation offered by Monja; the announcement is a significant step for industry loan valuations; in comments regarding the announcement, James Wu, founder and CEO of Monja said: "Now fund managers don't need to wait 20 days after end of month to see how the portfolio has performed. This allows them to better position their portfolio and liquidity, while providing better portfolio visibility for their clients." Source
Elevate's Center for the New Middle Class has released a study showing subprime consumers are limited in their ability to utilize credit balances or borrow from their social networks; the Center's study reports 70% of nonprime Americans couldn't cover an urgent expense of $500 or more with their savings and 64% wouldn't be able to borrow from friends and family; the Center's study amplifies the need for solutions targeting nonprime borrowers; Elevate's Center for the New Middle Class is currently undergoing research efforts to support nonprime credit access and personal financial management efficiencies. Source
ID Analytics introduced the Online Lending Network in October 2016 with the goal of providing greater resources to lenders for mitigating fraud; Online Lending Network members access internetwork supplied data and information from ID Analytics for greater detection of fraudulent loan applications and loan stacking; ID Analytics reports that the network has achieved visibility into 75% of US domestic marketplace lending activity since inception with membership increasing by 50% since its launch. Source
CredEx has developed a mobile app for loans in China; allows for borrowing of as much as RMB 300,000 (USD 43,000); the firm's business has been built around a focus on five factors including: mobile apps for loans, anytime access to borrowing and repayment, personalized interest rates, mobile internet risk control and uniquely connecting financial institutions with borrowers. Source
Blockchain technology firm AlphaPoint has partnered with Scotiabank for a successful proof of blockchain technology; the test showed significant advantages for use of blockchain with FIXML trading communication; leading features of AlphaPoint's blockchain solution for financial trading include easily integrated communication with legacy systems and throughput of thousands of events per second with sub-second confirmation times. Source
Invoice financing platform IFG has partnered with Apex Analytix to provide Apex's business customers with access to IFG's invoice financing through the Apex Analytix FirstStrike Supplier Portal; Apex works with Global 1000 clients in over 100 countries on six continents; according to Steve Yurko, CEO of Apex Analytix, the partnership will help Apex's customers optimize cash flow and working capital objectives. Source
Alternative credit bureau, FactorTrust has partnered with Armada in an effort to provide lenders and borrowers with more comprehensive credit underwriting; Armada develops customized software solutions for loan origination and loan management systems; its lending technology solutions will utilize alternative credit data provided by FactorTrust; according to Armada Labs Chairman and Managing Partner Ralph Ayala, "The integration of the two business systems means minimal to no lead time for clients wanting to use alternative credit data in their loan systems, and eliminates any development work on the customer's end, getting them online more quickly." Source