Finastra announces the launch of a small business data collection module that makes it easy for banks to comply with the Equal Credit Opportunity Act’s small business data collection requirements.
Deployed as part of the Finastra LaserPro Compliance Reporter solution, the module simplifies data collection, verification, storage, report generation and annual filing processes, saving financial institutions time and effort while ensuring accuracy and regulatory compliance.
Finastra’s model helps keep applicants’ sensitive information confidential
Mitch Lucas, head of retail lending at Finastra, said: “With the new regulations in place, it is vital that financial institutions plan ahead to ensure compliance. As a financial software solutions provider, our aim is to make it as easy as possible to overcome these challenges and we look forward to helping the country Community banks and credit unions everywhere are simplifying their data collection procedures so they can focus on serving their customers and their communities.”
The Small Business Data Collection module features intuitive integrated workflows, simple checklists to evaluate whether a loan meets the definition of a covered transaction, and helps compliance teams meet firewall requirements to keep sensitive applicant information confidential from loan decision-makers.
This module prompts users to enter required data, such as credit type and purpose, and then facilitates the collection and secure storage of business owners’ sensitive demographic information, providing users with multiple collection options. Sensitive demographic information is returned to a secure location within the module, ensuring that the information is fully protected.
Finastra recently partnered with SYSTEX this year, with SYSTEX becoming a solution partner for Finastra’s Kondor and Risk solutions to support the growth of Taiwanese banks. Finastra has also formed a number of other partnerships this year, including Newgen Software. Newgen Software and Finastra work together to help banks streamline the lending process and create a digital-first customer experience
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