Strategic integration to help banks further streamline commercial lending processes and more efficiently deliver credit reports to customers
Newgen Software, global provider of the NewgenONE Digital Transformation Platform, has announced an integration of Newgen’s Commercial Loan Origination Software (CLOS) with Factual Data® for seamless access to bureau credit information.
Using Newgen’s CLOS, financial institutions are able to automate their end-to-end commercial lending process, from pre-screening, application processing, underwriting, and closing to booking in a paperless and electronically-driven workflow environment.
The integration with Factual Data® will allow Newgen’s CLOS to get reports from multiple credit bureaus along with data on liens and judgments, thereby eliminating the need for manual pulls. Furthermore, the integration will enable a real-time, two-way integration with core banking and third-party systems, delivering an enhanced experience for financial institutions and their customers.
Jay Giesen, President, Factual Data, said, “This integration will help expand the reach of our mutual customers into the growing digital banking sector. Furthermore, it will provide them with tools to help increase efficiency and consistency in accessing credit reports and data verification services.”
Anand Raman, EVP and COO, Newgen Software, said, “Aligning with Factual Data will allow Newgen to access credit and data verification services and further streamline the lending process. It will help financial institutions deliver an optimal experience to borrowers and reduce disbursement turnaround time. We are excited about this association and look forward to working together in accelerating digital initiatives for financial institutions.”
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