Finastra, a financial services platform provider based in London, UK, has launched its Embedded Consumer Lending (ECL) solution, which leverages Microsoft Azure to provide financial institutions with quick and easy access to lending options.
The new solution allows financial institutions to process loan applications and perform identity checks from one banking system. The application programme interfaces and event notification systems provide real-time feedback to merchants and consumers on their loan status.
“Finastra’s Embedded Consumer Lending solution offers financial institutions a direct route to growth by offering loans via a merchant’s digital point of sale,” said Jeannette Kescenovitz, senior director of solution management for banking-as-a-service and orchestration at Finastra. “The solution builds connectivity and relationships between financial institutions and the distributor organisations that embed lending solutions at merchants’ point of sale.”
Finastra also provides organisations with access to a marketplace of users that can distribute their banking products and services.
“Banking-as-a-service is a vital component of our growth strategy and embedding loans at the consumer point of sale opens a new channel to provide financing to customers we couldn’t have reached before,” said Josh Williams, chief banking officer at Seattle Bank. “This cost-effective solution delivers consumers a safer, regulated alternative when it comes to point-of-sale financing. As our trusted partner of many years, Finastra is the ideal orchestrator as we connect and scale on our embedded finance offering.”