Platform News:

We finished our second credit union onsite with BankFund Credit Union. This is SEG (Select Employee Group) focused Credit Union that caters to two incredibly important firms such as The World Bank and The International Monetary Fund, both are based in Washington, DC.

I want to personally thank all of the executives that spent days with Curql Fund accelerator cohorts and walked us through all of the details of the inner workings of a credit union. We can’t thank them enough for giving us the opportunity to look inside of their operations.

While we were in Washington DC, we met up with the CEO of FinEV, Nic Abel. We also recorded two podcast sessions with Carlos Caro, the CEO of New Market Growth. 

Take a look at one of these episodes here: LendAPI Partner Podcast with Carlos Caro, Managing Partner & Founder of New Market Growth.

We are also gearing up the release of our Flow Builder as well as FinTech Meetup in Las Vegas. This year, we are sending five executives to Las Vegas and getting LendAPI at the front and center of any lending platform discussion. We can’t wait to see you guys there at the end of this month.

Lastly, we launched a new client into production. This client is in the skill training space and they are financing the skills training classes specifically for nursing students. We are really happy for our client finally get into production and start financing the future of nursing school students.

Platform Update: v3.1.4

We’ve been working on polishing up our Rule Studio for a long time and we are finally happy with all the improvements we’ve made in the past few weeks. I think you will like the new design, new connectivities and the speed improvements we’ve put into place.

We’ve also focused on our embARC Loan Management System. In this release, we’ve published a new Journal Entry system to keep track of all of the transactions that happen in the loan management system and map them accordingly to various GL Coding systems with our clients.

We are finally bringing our Loan Management System and our Loan Servicing System ever closer with a new LOS/LMS Data Mapping System. So, no matter what type of data our LOS platform generates, it will be properly mapped to the backend Loan Management System. The LendAPI Loan Core is one of the best on the market.

If you want to switch your POS/LMS to LendAPI, please contact us at info@lendapi.com. Our unique DIY platform reduces your total cost of ownership to zero.

New Rule Engine 

For a long time now, our rule engine has been the most popular tool. We have the only rule engine where you can build and manipulate your rules on your own. No more paying an expensive hourly rate for someone else to code up your rules.

No more hunting for hard coded logic embedded into your systems. No more playing catch up with your competitors that can move faster than you. The new Rules Engine by LendAPI is here for you to move as fast as ever changing customer demands.

The new rules engine has a brand new visualization with even faster operational speed. Building new rules, changing rules is at your fingertips. The entire rule sets connectivity to various Store Fronts and Branches are clearly visible. Pricing Engine connections to the rules logic is clearly visible as well. This new version of the rule engine will manage all of your rules, logic with ease. You will love working with this tool.

New node indicators are embedded at each section of the rule set to make it easy to understand. Any one with any level of skillset can become a rule engineer with our decision engine’s rule studio.

Within each node the new rule manager finally got an upgrade as well. Chaining together rule, grouping rules with various conditions is clearly visible for rule engineers and credit risk analysts to implement and maintain their latest identity verification and credit risk decisioning. 

embARC Loan Management System 

We’ve done plenty of upgrades to our embARC Loan Management System and in this release we have three major functionalities to address.

Statement Generation

The first one is statement generation. We have a whole new way to generate any statement from any period in the past as well as the current statement period.

Both borrowers as well as the loan servicing staff can access, view and generate statements from their borrower portal as well as from the backend administrative environment. This way, clients can help themselves if they want to and the servicing staff also has an easy way to generate and retrieve statements on behalf of the client.

Journal Entry

We understand that each organization has their own journal entry needs. Each organization may have their own GL (General Ledger) system as well. We created a way to map every bit of information that happens within the loan core to our client’s general ledger system.

This way, no matter what the destination GL system is being used, we can always customize the data mapping to the needs of our clients’ GAAP accounting requirements. This mapping functionality is now available in the latest version of embARC Loan Management System.

LOS/LMS Data Mapping

We know you have choices, if you use our entire Loan Core to launch your financial product, we will help you to map whatever data you’ve captured and needed to transfer to the LMS side of the core ourselves.

If you have your own LOS and would like to use our LMS, this new data mapping function will make integration even easier.

So, no matter the combination of LOS/LMS you end up using, we can help you to map all of the data necessary from each system back and forth with this new data mapping tool. This data mapping tool will give you the ultimate control and choice between your favorite LOS and LMS system.

What’s Next?

We are working on new agentic tools to give even more context in customer communication via email and SMS. This way we can reduce the chances of misunderstanding and speed up application and loan servicing. 

We are also wrapping up our flow designer, this is the ultimate sophistication when it comes to managing your own flow which will tie together all aspects of our LendAPI platform into one application process.

Lastly, we are working on a new permissioning system as well as a brand new product studio which will bring more speed and ease of manipulation of application journeys in the hands of our clients. You will love the new look and feel while you are building your applicant journey.

About LendAPI

LendAPI is a complete core that helps banks, credit unions, fintechs and retailers to launch any finance products instantly. Request your demo at www.lendapi.com and follow us on Linkedin.