Numerated & Alloy Partnership for Enhanced Fraud Prevention

Numerated, an AI-driven commercial lending platform, has partnered with Alloy, an identity risk management company, to enhance fraud prevention in commercial lending.

The partnership will enhance Numerated's platform in three key areas:

1. Streamlined Onboarding: Automatic prefilling of customer data to optimize the onboarding process.

2. Strengthened Fraud Prevention: Implementation of advanced KYC/KYB and AML checks to reduce risk and improve lending performance.

3. Unified Digital Experience: Provision of a seamless platform for capturing deposits and offering competitive lending products for SMB and commercial borrowers.

According to Alloy's State of Fraud Benchmark Report, all fraud managers at banks and fintech companies said they faced fraud in the past year, with 96% losing money. Additionally, 70% of these institutions lost more than $500,000 during that time.

Dan O'Malley, CEO of Numerated, highlighted the need for top-tier risk management and efficient automation in finance. Keith Kettell, CRO at Alloy, is excited to introduce their identity-decisioning technology to commercial lending through this partnership.

This collaboration advances Numerated's mission to modernize business banking, providing financial institutions with a secure, fast, and user-friendly solution.

10 Reasons Why Numerated Shines in Commercial AI Lending

1. Advanced AI and Data Utilization

Numerated uses cutting-edge data and AI to streamline the entire business lending process, from start to finish. This all-in-one automation helps lenders work more efficiently, slashing processing times and cutting down on operational costs.

2. Streamlined Lending Process

Their platform makes life easier for financial institutions and their clients by harnessing the power of data. With this simplified system, banks and credit unions can boost the efficiency of their business lending processes and provide their clients with easy-to-use digital options.

3. Flexible Underwriting

Numerated speeds up lending decisions by using AI to enhance financial analysis and offer adaptable underwriting options. This helps banks and other financial institutions adjust their lending criteria, enabling them to make quicker and more precise decisions.

4. Comprehensive Product Coverage

Their platform manages the entire process of creating commercial banking products, from the front office to underwriting and closing, allowing banks to use a single platform for various lending products.

5. Secured Lending Features

Numerated has introduced secured lending features to its platform, making it easier for financial institutions to automate lending processes for products backed by specific collateral like equipment and inventory.

6. Strategic Partnerships

The company is teaming up with some great partners to boost what it offers. By working with Quantum Financial Technologies, it's giving small businesses more ways to access funds. Plus, its partnership with Alloy is all about ramping up fraud prevention.

7. Large-Scale Adoption

With over 500,000 businesses and 30,000 lenders on board, Numerated's platform has become a go-to choice for processing more than $50 billion in loans. Its popularity speaks volumes about its effectiveness and dependability!

8. Customizable Solutions

Their platform provides top-notch launch templates designed to help lenders get up and running quickly, making it easy for banks and credit unions to deploy. Plus, it's highly customizable, so financial institutions can tweak it to perfectly fit their unique requirements.

9. Enhanced Fraud Prevention

Through its partnership with Alloy, Numerated has integrated advanced KYC/KYB and AML checks to reduce risk and improve lending performance5. This focus on security helps financial institutions mitigate fraud risks effectively.

10. Continuous Innovation

Numerated's ongoing innovation, highlighted by Citi's recent investment, keeps its platform at the forefront of AI-driven financial analysis for commercial lending.

By combining these factors, Numerated has positioned itself as a leading AI-driven commercial lending platform, offering financial institutions a powerful tool to streamline their lending processes, improve efficiency, and better serve their business clients.

Our Opinion

We now see that getting a commercial loan is as easy and safe as grabbing a coffee with your phone, all thanks to AI and automation. It's like they are driving a Ferrari while others are still on horseback. Banks and lenders using these technologies are boosting their efficiency, cutting down on risks, and catering more effectively to their borrowers. We invite you to think about how these advancements could influence your lending strategies and risk management approaches.

AltFin Video Tutorial: Illinois 9 Business Entity Status Definition - Real Time Secretary of State Data

Cobalt Intelligence can turn complex business entity statues into a simple "active" or "inactive" for underwriters who prefer their sanity intact.

Access real-time Secretary of State data effortlessly with our comprehensive service.

Prefer reading over watching videos? Check out the 2-Minute Read Blog format.

Headlines You Don’t Want to Miss

New Regulatory Thresholds Set for Lenders and Lessors in 2024

Starting January 1, 2024, the CFPB and Federal Reserve will raise the regulatory thresholds for lenders and lessors under the Truth in Lending Act and the Consumer Leasing Act, increasing from $58,300 to $60,260. These adjustments, which are tied to the consumer price index, will exempt specific credit transactions and leases from stringent compliance, benefiting smaller financial entities.

FDIC Survey Reveals Trends in Small Business Lending

A recent FDIC survey highlights how most small businesses prefer to obtain loans from smaller banks and that digital activity boosts their likelihood of seeking new credit. Additionally, the financial health of small businesses and local market density of such enterprises significantly influence lending decisions.

Longbridge Financial Sues Synergy One Over Misleading Marketing Claims

Longbridge Financial has initiated a lawsuit against Synergy One Lending, alleging false advertising of their HomeSafe product as a government-insured reverse mortgage, which Longbridge contests. In addition to the legal action, Longbridge demanded a cease and desist and a public apology, while Synergy One remains silent on the matter.