How they describe themselves: SocietyOne has developed the ClearMatch technology platform to standardize and automate many of the processes associated with running an online p2p consumer lending business across the APAC region. Reengineered from a proven banking platform, the ClearMatch technology platform is a ‘cloud based’ solution that manages the entire loan lifecycle from loan origination, credit scoring and assessment, investor bidding, debt management, and complex treasury unique to the p2p lending market.
ClearMatch allows investors the ability to bid together at different interest rates and amounts against a single loan with no additional accounting overhead and no reliance on third party software.
How they describe their product/innovation: SocietyOne is launching a smartphone loan application channel solution that simplifies the process of applying for a loan and minimizes manual data entry requirements by leveraging the customer’s third party data. ClearMatch’s credit decision engine is being enhanced to cater for new metrics and behavioral attributes of consumers in the loan provisioning and pricing process.