SKOKIE, Ill., April 22, 2020 /PRNewswire/ -- PayNet, an
Equifax company that provides credit and analytics on small and
medium enterprises (SMEs), today launched the PayNet P3 Data Pack.
The new platform provides critical integration, automation,
and verification technology to help lenders expedite Paycheck
Protection Program loans to small businesses.
"Technology is the key to getting much needed capital to Main
Street," said William Phelan, senior
vice president and General Manager at PayNet. "By automating
Paycheck Protection Program loan application data, lenders can
significantly reduce friction and time to fund these loans. Our
database has credit data and records on more than 30 million small
businesses, easing the identification and decision-making process
for making these loans quickly and confidently."
The PayNet P3 Data Pack integrates into lenders' existing loan
origination systems or direct to SBA-approved institutions. The
platform also connects to SME accounting platforms through the
PayNet FSR application to allow borrowers to securely and
seamlessly share financial documents with lenders.
"Streamlining loan processing can expedite funding, which can
speed relief to small businesses and help keep people employed. We
continue to work with the many parties involved to get these tools
in place to accelerate Paycheck Protection Program loans," Phelan
added.
Additional information on the PayNet P3 Data Pack is available
on the PayNet website.
ABOUT PAYNET
PayNet, an Equifax company, is the leading provider of credit
ratings on small businesses enabling lenders to manage credit risk,
grow earning assets and operate credit processes at a lower cost.
PayNet maintains the largest proprietary database of small business
loans, leases and lines of credit encompassing over 24 million
contracts worth over $1.6 Trillion. Using state-of-the-art
analytics, PayNet converts raw data into real-time marketing
intelligence and predictive information that subscribing lenders
use to make informed small business financial decisions and improve
their business strategy. For more information,
visit www.PayNet.com.
ABOUT EQUIFAX INC.
Equifax is a global data,
analytics, and technology company and believes knowledge drives
progress. The Company blends unique data, analytics, and technology
with a passion for serving customers globally, to create insights
that power decisions to move people forward. Headquartered in
Atlanta, Equifax operates or has
investments in 24 countries in North
America, Central and South
America, Europe, and the
Asia Pacific region. It is a
member of Standard & Poor's (S&P) 500® Index, and its
common stock is traded on the New York Stock Exchange (NYSE) under
the symbol EFX. Equifax employs approximately 11,000 employees
worldwide. For more information, visit Equifax.com and
follow the company's news
on Twitter and LinkedIn.
FOR MORE INFORMATION
Joe
LoBello
LoBello Communications
516-902-2694
joe@lobellocommunications.com
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SOURCE PayNet, Inc.