PayNet, An Equifax Company, Launches SME Lending Solution to Speed Loans Under CARES Act
Small Business Credit, Digital Lending
New data integration and identification technology automates and verifies loans for Paycheck Protection Program
SKOKIE, Ill., April 22, 2020 /PRNewswire/ -- PayNet, an Equifax company that provides credit and analytics on small and medium enterprises (SMEs), today launched the PayNet P3 Data Pack. The new platform provides critical integration, automation, and verification technology to help lenders expedite Paycheck Protection Program loans to small businesses.
"Technology is the key to getting much needed capital to Main Street," said William Phelan, senior vice president and General Manager at PayNet. "By automating Paycheck Protection Program loan application data, lenders can significantly reduce friction and time to fund these loans. Our database has credit data and records on more than 30 million small businesses, easing the identification and decision-making process for making these loans quickly and confidently."
The PayNet P3 Data Pack integrates into lenders' existing loan origination systems or direct to SBA-approved institutions. The platform also connects to SME accounting platforms through the PayNet FSR application to allow borrowers to securely and seamlessly share financial documents with lenders.
"Streamlining loan processing can expedite funding, which can speed relief to small businesses and help keep people employed. We continue to work with the many parties involved to get these tools in place to accelerate Paycheck Protection Program loans," Phelan added.
Additional information on the PayNet P3 Data Pack is available on the PayNet website.
PayNet, Inc., an Equifax company, is the leading provider of credit ratings on small businesses enabling lenders to manage credit risk, grow earning assets and operate credit processes at a lower cost. PayNet maintains the largest proprietary database of small business loans, leases and lines of credit encompassing over 24 million contracts worth over$1.6 Trillion. Using state-of-the-art analytics, PayNet converts raw data into real-time marketing intelligence and predictive information that subscribing lenders use to make informed small business financial decisions and improve their business strategy. For more information, visit www.PayNet.com
Equifax is a global data, analytics, and technology company and believes knowledge drives progress. The Company blends unique data, analytics, and technology with a passion for serving customers globally, to create insights that power decisions to move people forward. Headquartered in Atlanta, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. It is a member of Standard & Poor's (S&P) 500® Index, and its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. Equifax employs approximately 11,000 employees worldwide. For more information, visit Equifax.com and follow the company's news on Twitter and LinkedIn.