Abrigo, the leader of compliance, credit risk, and lending solutions for financial institutions, announced an alliance with Validis, a secure data ingestion platform that pulls clients’ financial information in real-time, standardized for easy consumption. This partnership will allow financial institutions to extract general ledger data quickly and efficiently. With Validis, banks and credit unions can go from application to spreading financials to deciding on loans without leaving Abrigo’s Sageworks loan origination system.
Pulling and uploading financial data severely slows down the small business lending process and can be frustrating for both the lender and the borrower. The newly available integration of Validis’ data extraction software solution eliminates the need for repetitive data entry and manual collection of documents by allowing banks and credit unions to create financial statements automatically from up-to-date general ledger data. The Validis integration complements Sageworks’ unique Electronic Tax Return Reader to streamline digital processes for even more applicants. This will speed up the lending operation, so borrowers get answers faster, and institutions can assess and book more loans in the same amount of time.
Validis enables borrowers to share their entire financial data history directly from their accounting package in a standardized format, improving insight for financial institutions. Key features include the ability to digitally receive financials in real-time, easily spread customer financial data, and quickly decide if a borrower is creditworthy.
“The Validis integration with Abrigo will further enhance a streamlined platform and provide clients with a powerful alternative to manual data collection,” said Abrigo President Jay Blandford. “This partnership fits well into our vision to make big things happen and better serve financial institutions.”
“We’re really pleased to announce our new partnership with Abrigo and integration with their leading Sageworks software,” said Paul Thomas, CEO at Validis. “We have a common goal of helping to digitize and streamline the lending process for many U.S. financial institutions. Access to financial data is traditionally a manual and time-consuming process – using Validis will not only help enhance the decisioning process for financial institutions, but it will also equip them with new insights to help manage risk and monitor portfolio performance.”
Abrigo enables U.S. financial institutions to support their communities through technology that fights financial crime, grows loans and deposits, and optimizes risk. Abrigo’s platform centralizes the institution’s data, creates a digital user experience, ensures compliance, and delivers efficiency for scale and profitable growth.