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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.

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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.

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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?

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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.

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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.

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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?

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Why AI’s Early Adopters Are Laser-Focused On Credit Risk And Payments

PYMNTS

These circumstances have brought to the fore what has long been a central concern for lenders: assessing and managing credit risk. This vital task is complicated even in normal times due to the multitude of financial risk factors in play at any given time. percent employ it for credit underwriting. Among banks that use AI, 92.9