MYOB, a reliable partner for small and medium business lending

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MYOB, an accounting software development company, works with Valiant Finance a new deal to offer “predictable financing”, informing companies of their options through Valiant if they need a loan or other type of financing, the report says. Today said Monday (June 21).

Valiant will help connect small businesses with lenders.

The technology was driven by the fact that many small businesses struggled with traditional lending restrictions, according to the report.

“Banks are not fast enough and not good enough to effectively manage small and medium markets,” said the CEO of MYOB. Greg Ellis said, according to the report. “We think there is a huge demand, but it is still a relatively intensive process, so our goal is to smooth this process in terms of administration, in terms of efficiency.”

In addition, the new partnership is different from the methods used by the competing company. Xero… The report notes that while both MYOB and Xero rolled out invoice financing offerings last year, the MYOB-Valiant partnership differs in that it extends more to small and medium-sized business (SMB) lending. The new platform creates a cohesive whole for users and contains various solutions that can help reduce customer integration and operational costs, Ellis said.

Fintech companies are working to open up new functions in the banking sector, using data from third parties, PIMNTS wrote, including about the possibilities of lending to small businesses.

Forward CEO and co-founder Nick Chandy and chief information officer and co-founder Jag Barpuggatold PYMNTS that it will be critical for banks to work with SME back office functions to increase funding. Data transparency is also needed to incentivize and secure financial efforts.

Since programs like Payroll protection program (PPP) has shown that it is important for small companies to have access to capital.

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NEW PYMNTS DATA: AI IN FOCUS: ROADMAP OF BANKING TECHNOLOGIES

About the study: AI In Focus: The Bank Technology Roadmap is a research and interview-based report that looks at how banks are using artificial intelligence and other advanced computing systems to improve credit management and other aspects of their business. The guide is based on a survey of 100 banking executives and is part of a larger series on assessing the potential of AI in finance, healthcare and other sectors.





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