Posted by Mumbai: Low code platform Newgen Software and Finastra, a financial software applications provider have forged a strategic partnership to transform lending processes.
Newgen Software and Finastra integration
As part of this partnership, Newgen Software’s lending solutions will integrate with Finastra’s LaserPro to further enhance its loan origination solutions.
The API-driven integration streamlines the creation of loan documents, covering various consumer collaterals. Moreover, it minimizes manual effort by eliminating the need for data mapping while ensuring data validation before transfer.
The solution integrates with core banking and third-party systems, helping banks adhere to compliance requirements, such as Reg B, Reg O, CRA, HMDA, 1071, etc. The setup is intuitive and offers efficiency gains, as integration can be completed within a few days.
“Finastra’s customers expect more agility, innovation, integration, and security than ever before. We deliver software that enables our clients to upgrade their existing systems gradually through open interfaces. Our LaserPro platform is an industry-leading, compliant loan documentation system for use across commercial, consumer, and mortgage portfolios,” said Finastra’s Cheryl Anderson, Director – Product Management.
“In our endeavour to constantly offer better choices and cutting-edge technologies to our customers, we’re pleased to announce this integration of our LaserPro platform with Newgen’s Loan Origination System,” added Anderson.
“Newgen’s Lending Solution, built on a low code platform, transforms the loan origination journey for financial institutions. The solution seamlessly connects all stakeholders, ensuring a smooth user experience with one-time data entry,” said Anand Raman, EVP and COO of Newgen Software Inc.
“With robust integration into core banking and document preparation systems, this collaboration with Finastra marks a pivotal partnership. It will empower LaserPro customers with advanced API-based integration, accelerating their financial processes for enhanced efficiency,” added Raman.
Newgen’s lending solutions, backed with AI-enabled underwriting, rule-driven decisioning, real-time dashboards, and document management capabilities, enable streamlined loan application management, portfolio management, instant disbursements on channels, and better collaboration.