Fintech: Southeast News

Fintech Southeast News curated each weekday for Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina, and Tennessee

Share

 

Posted June 28, 2021

 

NXTsoft (nxtsoft.com), the market leader in secure, comprehensive and complete API connectivity, and Upstart (NASDAQ: UPST), a leading AI lending platform provider, today announced a partnership that will enable Upstart to more efficiently implement its all-digital AI lending platform to any U.S.-based financial institution.

Upstart’s AI model leverages over 1,000 variables and advanced machine learning algorithms to enable more accurate risk-based pricing and greater automation. With Upstart, bank and credit union partners can approve up to 3x the number of borrowers at the same loss rates as traditional FICO score-based models1 with near-zero default rates2. In addition, Upstart offers an all-digital lending experience to borrowers allowing them to apply from any device at any time with over 70%3 of funded loans being fully automated with no human interaction.

As a result of integration with NXTsoft’s APIs, financial institutions will now be able to more quickly integrate Upstart’s AI platform into their existing services. NXTsoft’s OmniConnect has established API connectivity to 99% of all U.S-based core systems and can provide API connectivity between these core systems and any ancillary fintech solution. NXTsoft has been in the API marketspace for over 25 years and has numerous partners and over 1,000 financial institutions that currently utilize its OmniConnect secure API solution to transmit data real-time between core systems and ancillary applications.

“We want to help our bank and credit union partners quickly and successfully deploy Upstart to lend to more creditworthy borrowers through a modern, all-digital experience,” said Michael Lock, senior vice president of lending partnerships for Upstart. “NXTsoft offers Upstart-powered banks and credit unions a proven approach to integrate our AI lending platform into their existing core systems and workflow to accelerate time to value and be in market with a new offering for their customers.”


TO READ THE FULL STORY

buttonsubscribe   buttonsignin

 

WHY?

Only B2BAmericanSoutheast.com members have access to curated Southeast news for technology, fintech, growth and exporting specifically for the 27 major cities in the regional states of Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina, and Tennessee. It’s about the executives and the decisions that result in the business activities that make the American Southeast the strong economic powerhouse – even stronger. Subscribe now!

 


 

Terms of Service Privacy Policy Site Map
Copyright @ 2021 Globalspeak, All Rights Reserved