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Finastra Unveils Loan IQ Simplified Servicing Solution for Bilateral and SME Loans
Financial Institutions Can Now Access Advanced Loan Servicing Technology Used by Leading Banks Worldwide
Beijing, China – October 22, 2024 – Finastra today announced its Loan IQ Simplified Servicing solution at Sibos 2024. The solution combines the rich functionality of Finastra’s Loan IQ with a streamlined user interface optimized for servicing high-volume bilateral and SME loan portfolios. As a result, Finastra is bringing together the essential functionalities needed to service entire loan portfolios in one integrated system.
Financial institutions adopting Simplified Servicing will benefit from unified portfolio management through a single, efficient modern ling platform that simplifies user experiences and improves the speed and transparency of loan servicing for customers of all sizes. By automating previously manual and disjointed processes, this solution delivers critical efficiencies, enhancing data accuracy and reducing lead times. This integrated ling journey functionality breaks down silos and minimizes operational risk.
“Historically, the loan market has been slow to innovate, making loan servicing depent on inefficient, error-prone manual processes-particularly when it comes to servicing high volumes of smaller loans,” sd Veena Rao, Head of Corporate Ling at Finastra. “The Simplified Servicing solution provides a way to service SME loans within Loan IQ, opening more pathways to finance for small and medium-sized businesses. This move reflects our commitment to Open Finance and our dedication to helping smaller businesses access the banking services they need to thrive.”
“Corporate and commercial lers often face challenges in managing their loan portfolios due to siloed operations, a lack of digitization, outdated and fragmented technology, with isolated systems supporting different product types and offering little integration. This can lead to operational inefficiencies, risk exposure, difficulties in attracting and retning the best staff, and potential loss of customers to competitors,” explned Patricia Hines, Head of Corporate Banking at Celent.
To learn more about Simplified Servicing, visit Finastra at Sibos 2024 on stand G30.
For further information, please contact:
Caroline Duff
Global PR Director
T +44 07917 613586
About Finastra
Finastra is a global provider of financial services software applications across Ling, Payments, Treasury and Capital Markets, and Universal Banking. Committed to unlocking the potential of people, businesses, and communities everywhere, its vision is to accelerate the future of Open Finance through technology and collaboration. Its pioneering approach makes it trusted by over 8,100 financial institutions, including 45 of the world’s top 50 banks. For more information, visit finastra.com.
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Loan IQ Simplified Servicing SME loan servicing technology Finastra lending solution Unified loan portfolio management Open Finance technology Bilateral loan servicing