Equiniti Group PLC, a leading provider of powerful technology solutions, today announces that it is developing a new module which will change the way corporates apply for loans.  This is part of the market leading RiskFactor technology, acquired by Equiniti in March 2016.

RiskFactor is used by 90% of the receivables finance market in the UK and monitors £35bn of lending activity.

The latest module, which is expected to be launched in the first half of 2017, will provide indepth analysis of collateral and financial data when corporates apply for loans, enabling applications to be processed quickly with minimal human intervention.

Currently an application for a loan can take up to three or four weeks to process as a result of the number of documents that need to be drawn from numerous location. The development is expected to shorten the process to as little as ten minutes. In addition, automation it reduces the potential for bias in decision making and with all activity captured in one place will be compliant with existing regulation.

This platform will not only make the process quicker but will analyse the risk more effectively thereby potentially reducing banks’ cost of capital and ultimately enabling them to lend more money at better rates.

Andy Edler, Business Development Director of Equiniti Intelligent Solutions commented, “This platform will be transformational in the way corporates apply for loans.  Being able to value assets more accurately and use much deeper data sets will enable us to mitigate risk more effectively and at the same time be more compliant.  There is no doubt though from a cost, efficiency and client satisfaction perspective it is the increase in speed that will truly set this product apart.”