article thumbnail

Commonwealth automates majority of underwriting with AI

Bank Automation

Commonwealth Credit Union is using Zest AI’s underwriting solution to speed up customer service and improve risk modeling and accuracy of underwriting. Seventy percent to 83% of all our loan underwritings are automated now,” Chief Growth Officer Jaynel Christensen told Bank Automation News.

article thumbnail

Understanding Collateral Valuation Strategies in Corporate Loan Underwriting

Finezza

In corporate loan underwriting, collateral acts as a safety net for lenders, reducing the risk of loss, and making sure that the lender can recover their funds if a borrower defaults. Typically, the size of the loan a lender provides ranges from 70% to 90% of the collaterals value.

article thumbnail

Merchant Underwriting: What It Is, How It Works, and Why It’s Important

Stax

The merchant underwriting process is a critical step that payment processors and financial institutions use to assess the risk associated with onboarding new businesses. Key steps include application review, risk assessment, credit checks, and compliance verification. Learn More What is Merchant Account Underwriting?

article thumbnail

BlueSnap Appoints Bill Christensen as SVP of Acquiring & Risk

Fintech Finance

BlueSnap , a global payment orchestration platform for leading B2B and B2C businesses, has appointed Bill Christensen as SVP, of Acquiring & Risk. He brings 20 years of experience in financial risk, electronic payments and credit cards to the role. Bill earned his Bachelor’s degree in Business from Hofstra University in New York.

Risk 105
article thumbnail

Banks Aim AI At Credit Risk, Payments Services

PYMNTS

Of the seemingly inexhaustible uses of artificial intelligence (AI) in the financial sector, its applications around managing credit risk and optimizing payment services are among the most promising. percent are doing so in credit underwriting. percent of FIs reported using AI in credit underwriting.”. Decisions, Decisions.

article thumbnail

Appian and Swiss Re Streamline Life Insurance Underwriting With AI

Fintech News

Appian, a software company that automates business processes, and Swiss Re have expanded their partnership to streamline the life insurance underwriting process and enhance the productivity of underwriters. The workbench addresses this by offering a single login system, enabling underwriters to manage their tasks more efficiently.

article thumbnail

How to Streamline Your SaaS Clients’ Merchant Underwriting Process—and Improve Adoption Rates

Stax

From there, your users must go through an application and underwriting process that determines their eligibility to accept payments. TL;DR Merchant underwriting is the risk level assessment process an acquiring bank carries out on every new merchant before they grant them a merchant account. What Is Merchant Underwriting?