In our modern world, the operational success of an MCA business depends on process optimization and the ability to fetch relevant data from reliable sources. Loan underwriting and recovery functions are the two big ones. MCA integrations for your MCA platform are essential. Especially in 2022.
The following MCA integrations can be an excellent move to automate input syncing ability and reach an informed decision for your business.
1. Experian
Experian is one of the largest credit rating agencies in the United States. Its database contains aggregate information about billions of people and millions of businesses.
So, it can be an excellent MCA integration to check the borrower’s credit history. Experian report provides comprehensive operational and financial facts regarding the background of prospective borrowers to decide if loan requests should be approved.
Experian API allows one-click access to information stored in their database. So, it’s a convenient and secure way to access information as and when required.
The accessed information enables you to deeply analyze risk and suitability checks including renter risk, criminal record and other important information stored and kept in the database.
Experian integration can be a significant input in approving an advance application.
2. Thomson Reuters Clear
Fraud concerns of prospect borrowers can be one of the biggest hurdles in growing your MCA business. To help with fraud prevention and smooth business operations, Thomson Reuter Clear can be an excellent integration to easily access the detailed background of the prospect borrowers.
The company has maintained a massive database for proprietary and public records with sophisticated analysis. So, this can be a very useful resource in terms of risk assessment to proactively manage overall lending credibility.
The integrating system is designed to sync desired data about the subject in a few minutes.
Their database is comprehensive enough and contains features of basic verification and an integrated mechanism to identify fraud on a broader spectrum. So, a higher level of assurance can be expected once you have checked a specific subject in their database.
Further, integration of your MCA business with Thomson Reuter Clear offers the following competitive edge to your business.
- Reliable and comprehensive details enable you to make a quick decision. In fact, it can be a billion-dollar idea to connect an automated underwriting system with Thomson Reuters Clear to ensure higher accuracy and reliability of the overall loan approval process.
- Your business will be able to extract current customer data; this can be helpful if there is a request to raise additional financing.
- Thomson Reuter Clear provides information on a greater spectrum. It means your information about subject matter does not remain limited to their existence but for their connections with other people and businesses.
- The information in the database is accurate and mostly extracted from the source documents. Hence, it’s more reliable and can be used in making decisions about specific loan requests.
3. Money thumb
The services of Money thumb can be useful for the MCA business in multiple ways including following,
- Detection of fraudulent files submitted by the fraudulent borrower – The software is backed by artificial intelligence and the thumbprint database of banks. Based on the algorithm and database, the system calculates the level of geniuses of the document submitted by potential borrowers.
- Software reviews bank statement to identify if there is any inconsistency. Further, the software compares the transaction total with the summary. So, if there are some gaps in the statement, it can be identified quickly.
- One of the software features is pinpoint OCR. This feature uses AI to flag fields that might not be consistent with other information provided in the application. So, the underwriter can be careful about the overall process.
- The software offers payee cleanup – It cleans transactions and ensures consistent categorization of the balances.
The integration of money thumb in MCA enables your business to ensure the genuineness of the data submitted to get a loan.
Hence, it helps increase the overall underwriting process and ensure data used in the decision-making process is accurate and not subject to fraud.
5. DataMerch
DataMerch is one of the well-known database maintenance companies in the MCA industry. By using this software, you will be able to link underwriting software with the database to provide you with an easy and quick decision for the loan request.
The DataMerch database contains public and companies record to help you with data extraction and assessment in the process of decision making.
6. DecisionLogic
DecisionLogic helps to verify bank details submitted by the potential borrowers. This verification system enables your MCA business to online access banking information on a real-time basis. Hence, it can be a fast and convenient way to verify the accuracy of the information submitted with the loan application.
In the recent past, verification of banking information has been quite a tough job with the excessive delay, fraud, and inaccuracies in the process. So, a live check of the record can be an excellent move for the lending business.
The company’s mission is to enhance verification of the assets to smooth the financing process.
Hence, their integration with the automated underwriting process can be more than helpful in effectively managing the write-off process.
Conclusion
Assessment of loan applications is one of the most important features of the MCA business. It involves assessment of the facts and figures submitted by the prospective borrower.
So, the MCA business needs to collect and assess the accuracy of the specific data before making any of the final decisions.
Certain integrations of an underwriting system can be helpful in the assessment of the application process. These integrations include but are not limited to Experian, Thomas Reuter Clear, Money thumb, DataMerch, and decision logic etc.
All of these MCA integrations help enhance the underwriting process’s decision-making ability. The MCA business should extract reliable and comprehensive information by syncing with third-party companies.
The information obtained is used in the overall process to decide for the specific loan application. Hence, the overall efficiency and accuracy of the underwriting process increase.
Schedule a demo with us today and see how LendSaaS can help you grow your MCA business in 2022!
Leave a Reply