CUSO partners to provide cashflow underwriting technology to credit union community
CHICAGO and GRAND RAPIDS, Mich., Sept. 26, 2024 /PRNewswire-PRWeb/ -- EDGE, the leading cash-flow data consumer reporting agency, announced today that it is partnering with CU*Answers, a leading core processing and loan origination system (LOS) for credit unions. This partnership will integrate EDGE's state-of-the-art cashflow underwriting technology into CU*Answers' comprehensive core operating system and LOS platform to enhance credit unions' decision-making capabilities.
CU*Answers CEO Geoff Johnson said, "By integrating with EDGE's platform, we are providing our clients with innovative tools that harness the power of cashflow underwriting and open banking. This will allow credit unions to make more informed and efficient lending decisions, ultimately improving member care from application to approval and beyond."
With EDGE's advanced cashflow analytics, credit unions can now utilize real-time insights on applicants' ability to pay that go beyond traditional credit reports, including income verification and spending behavior. This integration will streamline credit union operations while improving the accuracy and speed of underwriting processes.
EDGE's platform unlocks a powerful new source of underwriting data for credit unions, enabling them to automatically verify income and assess ability to pay from their own data as well as accounts with other financial institutions, processes traditionally reliant on manual underwriting review and legacy credit risk methods. By evaluating a more comprehensive financial picture of applicants—from both members' accounts with the credit union and external accounts—EDGE delivers unmatched insights into creditworthiness and ability to pay.
"The entire EDGE team is excited to join forces with CU*Answers to help credit unions make the most from their own data to better serve members," said Brian Reshefsky, CEO of EDGE. "Integrating our risk insights and open banking capabilities along with Relationship Attributes™ into CU*Answers will equip credit unions on their platform with solutions for faster, fairer decisions for their members, especially those underserved by traditional credit bureau data."
About CU*Answers
CU*Answers offers expertise in implementing technical solutions to operational needs, and is a leader in helping credit unions form strategic alliances and partnerships. CU*Answers provides a wide variety of services for credit unions including its flagship CU*BASE® processing system (online and in-house) and Internet development services featuring It's Me 247 online and mobile banking. Additional services include web development, network design and security, and image check processing. Founded in 1970, CU*Answers is a 100% credit union-owned cooperative CUSO providing services to credit unions representing over 2 million members and $30 billion in credit union assets. For more information, visit www.cuanswers.com.
About EDGE
EDGE helps lenders automate operations and enhance decision-making with cash flow data and risk insights developed with machine learning. As a consumer reporting agency (CRA) built on cash flow data, we unlock a more complete picture of consumers' financial health in real-time than traditional credit bureaus can provide. EDGE enables lenders to approve applicants overlooked by traditional credit bureaus including such no-hit and thin-file applicants as recent immigrants, young adults, and other unserved or underserved populations. Our risk attributes and EDGE Score™ are the only cash flow risk-assessment tools proven through profitable loan performance at scale. Built by lenders for lenders, they are designed for immediate actionability in consumer credit underwriting decisions.
Media Contact
Media Relations, EDGE, 1 312-205-8996, [email protected], edgescore.com
SOURCE EDGE
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