Working capital provider, Capital Access Network, was recently featured in American Banker for its Daily Remittance Platform that was revealed last October. This platform:
“Took the ‘overall most innovative’ category in Barlow Research Associates’ Monarch Innovation Awards, which recognizes financial industry innovation. One of the judges, Robert Seiwert of the American Bankers Association, says the concept takes valuable information that used to be considered the proprietary information of analytics firms and makes it available to any bank that wants to pay for it.”
This innovative platform provides lenders with information on the risk level of borrowers by using a non-traditional method that shies away from credit scores, business plans and financial statements.
“What Capital Access has come up with is a third way,” Seiwert says. “Instead of waiting 30, 60, 90 days after a quarter is over to get the financial statements, we can get data daily and get into the heartbeat of a business to figure out how it’s doing.”
This transparency, along with the 13 years of information from previous funding, allows Capital Access Network to lend more confidently. This is especially helpful for borrowers in non-traditional businesses and more challenging industries.
To see Capital Access Network’s Daily Remittance Platform in action, watch its demo from Finovate Europe 2011.