A Clearer Path to Availing Credit

The human arsenal knows no bounds, and yet it has still never seen anything more significant than that tendency of improving on a consistent basis. This progressive tendency, on our part, has already got the world to hit upon some huge milestones, with technology emerging as quite a major member of the stated group. The reason why technology enjoys such an esteemed stature among people is, by and large, predicated upon its skill-set, which ushered us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we take up a closer look, it will become clear how the whole runner was also very much inspired from the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution. Of course, this revolution then went on to scale up the human experience through some outright unique avenues, but even after achieving such a monumental feat, technology will somehow continue to produce the goods. The same has to grown become a lot more evident in recent times, and assuming a newly-formed partnership works out just like we envision, it will only make that trend bigger and better moving forward.

Seattle Bank, a digitally-driven local bank, has officially partnered with LoanStar Technologies to provide merchants and service providers an embedded consumer lending solution. Under this partnership, the consumers will have a shot at accessing quick and a rather simplified access to loans from Seattle Bank for high-value transactions, and they’ll be able to do so directly through the merchant. But what made LoanStar an ideal partner here? Well, the answer here focuses on the company’s state-of-the-art technology, which is designed to conjure up point-of-sale consumer loan service for a wide range of beneficiaries, including full-fledged banks, credit unions, and other related organizations. Beyond that, LoanStar has also been leveraging its proprietary platform, MerchantLinQ, to take on those high-interest white-label credit cards and make the whole process of availing external financial assistance notably straightforward.

“We saw a huge opportunity to team up with Seattle Bank to help expand its reach through point-of-sale finance,” said Andrew Turner, CEO of LoanStar. “We’re confident our strong relationships with contractors and merchants will help them find highly efficient ways to reach customers wanting immediate financing options when making purchases.”

As groundbreaking as it sounds, though, LoanStar’s technical prowess wouldn’t have made sense in the context of this new collaboration, if it wasn’t for Seattle Bank’s own new-age banking setup. To give you a lowdown on the stated setup, it’s a scalable, configurable, open-API technology stack that includes everything from real-time underwriting capability to loan fulfillment. Another detail which we must acknowledge is the system’s pre-existing integration with Finastra, considering that really paved the way for a link-up with LoanStar. In simpler terms, Finastra’s FusionFabric.cloud open developer platform is what empowers Seattle Bank to work alongside different fintech partners in an optimal manner.

“Finastra is proud to be an orchestrator of embedded finance, providing the tools needed to help banks meet customers on their journey at the right time,” said Radha Suvarna, Chief Product Officer and Head of Embedded Finance at Finastra. “We’re thrilled that Seattle Bank has chosen Finastra and our partners at LoanStar to facilitate embedded consumer lending at the point of sale – with the first live transactions already successfully processed.”