New York-based BNB Bank will use PayNet’s credit history reports and MasterScore to digitize its loan approval process, the companies announced.
PayNet is a leading provider of small business credit data and analysis. The companies said PayNet’s involvement will help BNB automate loan approvals, decreasing turnaround time, improving customer experience and creating a more seamless loan process.
“PayNet is thrilled to partner with a leading-edge bank such as BNB,” PayNet President William Phelan said in a release. “By digitizing commercial lending, BNB will decrease the time it takes to evaluate a business’s credit, allowing for better decisions via relevant, on-demand, and secure private company credit assessments, helping qualified small businesses gain access to much needed credit.”
PayNet’s MasterScore predicts a borrowers’ risk.
“As the top community bank headquartered on Long Island, BNB has supported the growth and success of local business for more than 100 years,” BNB Bank Chief Lending Officer Kevin L. Santacroce said. “Our partnership with PayNet will improve the loan process and as a result the customer experience. PayNet enhances our lenders’ ability to turn loans around faster, delivering the credit customers need when they need it.”