Cloud-based loan origination platform adds cash flow underwriting tools to enhance credit unions' risk decisions
AUSTIN, Texas & CHICAGO, April 18, 2024 /PRNewswire-PRWeb/ -- Sync1 Systems, the leading loan origination platform for credit unions, has partnered with EDGE to deliver income verification, risk attributes, risk scores, and relationship attributes.
The partnership will enable credit unions using Sync1's cloud-based loan origination platform to look beyond traditional credit scores and have access to attributes based on real-time financial insights from members' share draft accounts as well as external accounts.
"We're thrilled to work with such an innovative, forward-thinking platform as Sync1," said Craig Peterson, EDGE's Vice President of Sales for Credit Unions. "This partnership will enable a number of credit unions to provide faster, fairer decisions to members."
EDGE provides open banking insights for income verification and credit risk assessment, utilizing data partnerships from credit unions' own data from directly their core processing system combined with external account data from nearly every financial institution in the U.S.
EDGE's risk attributes and scores leverage years of experience in consumer lending as well as the industry's largest data lake of transaction data married to loan outcomes provided to EDGE as a consumer reporting agency.
"Integrating EDGE adds another powerful capability to our platform," said Steve Maloney, CEO of Sync1. "Open banking provides unique insight into applicants' ability to pay based on income, spending, and saving behaviors."
With Sync1's loan origination system, credit unions can streamline their loan processing workflow while providing a seamless applicant experience using a robust automated decision engine and dynamic workflow configuration.
Founded by veteran credit union leaders, Sync1 is designed around the needs of member-focused organizations and can be remotely configured then deployed for any financial partner utilizing data from every major core processing system.
Similarly, EDGE's end-to-end cashflow underwriting solution is built by lenders for lenders with the flexibility for any consumer credit portfolio to maximize approvals and minimize losses according to individual risk and growth objectives.
"Cashflow underwriting is the driving force to expand credit access for the 50 million U.S. adults with thin or no file at the mainstream credit bureaus and promote fairer lending practices for everyone," said Brian Reshefsky, CEO of EDGE. "Partnering with Sync1 enables us to bring real-time income and risk insights to credit unions for a step change in improved member care."
About Sync1 Systems:
Sync1 Systems is an Austin-based loan origination software focused on lending and digital experience. We use the most effortless and smooth technology to transform the user experience and bring power to our partners for today's ever-changing digital landscape. Founded by a team of innovative experts, we understand the unique needs of our partners. Sync1 Systems exists to serve the needs of our partners, and lending is our core foundation, bringing a turnkey solution to the financial services industry.
About EDGE:
EDGE is a consumer reporting agency based on open banking data from an optimized portfolio of bank data aggregators and risk analytics built by lenders for lenders for
actionable insights into consumer creditworthiness. The platform was launched by the lenders, entrepreneurs, and data scientists who pioneered data-driven digital lending for Everyday Americans two decades ago. EDGE delivers risk insights for use cases across the credit account lifecycle that have been performance-tested on real world lending decisions on over four billion bank transactions linked to over half a billion dollars in loans since 2017.
Media Contact
Media Relations, EDGE, 1 312-205-8996, [email protected]
SOURCE EDGE
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