Rapid Finance Enhances Lynx Platform with Cloud-Based Rules Engine to Enhance SMB Lending

  • Infrastructure
  • 05.06.2024 11:25 am

Rapid Finance, a leading small business banking platform specializing in providing customized financing solutions, announced today the availability of its cloud-based rules engine as part of its recently enhanced, award-winning AI fraud detection platform, Lynx. The updated rules engine enables Rapid Finance’s enterprise customers to create customized risk management rules and outcomes, further strengthening the ability to make informed lending decisions tailored to specific business criteria.

Lynx empowers lenders with a 360-degree view of small business owners by leveraging actionable data and insights to make faster, more informed decisions, minimize risk at origination, and gather insights during servicing to realize a better ROI on their portfolio over time.

The new cloud-based rules engine includes these key features:

  • Integration of Lynx Elements: The rules engine seamlessly integrates Lynx’s array of features, including indicators, third-party data enhancements and verifications. This integration provides customers with a diverse toolkit to inform their rule creation process and enhance their decision-making capabilities.
  • Outcome Definition: The rules engine enables customers to specify desired outcomes for each rule, including approval, rejection or further review. Customers have precise control, allowing them to manage their lending processes based on predefined criteria, which improves operational efficiency and risk management practices.
  • Real-Time Capability: Leveraging Lynx’s real-time data capabilities, the rules engine allows for swift decisioning by evaluating incoming data against predefined rules at run-time. This ensures a quick response time to onboarding applications and other relevant processes.
  • Transparency: Customers benefit from transparent decision logic provided by the rules engine, facilitating clear audit trails and explanations for stakeholders and regulatory bodies. This transparency promotes trust and accountability in the lending process, reinforcing Rapid Finance's commitment to ethical and responsible lending practices.
  • Custom Indicators: Customers can create customized alerts and indicators that Lynx will identify at run-time to enable teams to review an application holistically with criteria that are most critical to the organization.

“The cloud-based rules engine gives small business lenders the ability to more easily tailor their lending criteria and risk management strategies,” said Will Tumulty, CEO of Rapid Finance. “Enhancing Lynx with rules-based customization helps solidify our commitment to providing the most robust, flexible small business financing solutions designed to meet the specific business needs of both lenders and SMB owners.”

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