Rapid Finance makes Lynx platform available to back SMB lending (May 25, 2023)

Summary

This May 25, 2023 article by Delisha Fernandes reports that Rapid Finance, a Lending-as-a-Service (LaaS) solution, announced the commercial availability of its AI-powered fraud detection platform, Lynx. It states that Rapid Finance has used Lynx in its own lending business for seven years, and that it was used by the US Small Business Administration (SBA) in COVID-19 EIDL programs that provided more than 10 million loans and grants totalling almost $400 billion. Rapid Finance CEO Will Tumulty is quoted saying the company uses Lynx in managing enterprise clients through collections and recovery practices.

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Rapid Finance makes Lynx platform available to back SMB lending

By Delisha Fernandes

May 25, 2023

- AI-powered fraud
- API
- bank frauds

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Rapid Finance, a Lending-as-a-Service (LaaS) solution, announced today the commercial availability of its AI-powered fraud detection platform, Lynx .

Lynx platform allows financial institutions to leverage their data better and gain insights to generate 360-degree views of their customers.

Built with a modular, cloud-native, API-based design, Lynx quickly and easily integrates with enterprise partners’ existing systems and workflows, equipping enterprises with data enrichments and verifications, related application identification, insights and alert indicators to drive efficient and intelligent decisioning.

A proven marketplace solution, Rapid Finance has successfully leveraged Lynx within the company’s lending business for seven years, as well as by the US Small Business Administration (SBA) in the execution of COVID-19 EIDL programs that provided more than 10 million loans and grants, totalling almost $400 billion.

“We are excited to share Lynx as a commercially available product, allowing enterprises to leverage their data better while tapping Lynx AI to manage their customer interactions more efficiently and effectively,” said Will Tumulty, CEO of Rapid Finance .

Tumulty added, “As lenders ourselves, and through our work with the SBA, we understand the importance of providing a frictionless experience to customers while minimising fraud. Our team uses Lynx extensively, including managing our enterprise clients through collections and recovery practices, to unlock the power of data and achieve the highest collections rates in our space – and we are confident that the commercial availability of Lynx will help more FIs harness their data to support their customers and financial programs better.”

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