HSBC Launches New Service with Biz2Credit to Streamline Banking for Small Businesses in the US
November 12 2020 - 9:00AM
Business Wire
HSBC Bank’s launch of the Biz2X Platform gives
customers faster access to loans and credit cards
HSBC Bank USA, N.A., part of HSBC Group, today announced it is
working with Biz2Credit to give small business owners quicker and
easier access when applying for business financing. As part of the
HSBC Fusion service offering, the bank is using Biz2Credit’s Biz2X
Platform to speed up the approval of credit applications for small
businesses across the country. The Biz2X technology will also
improve the accuracy of credit decisions on retail business banking
transactions, ultimately reducing risk in the bank’s lending
portfolio.
HSBC Fusion, a service for business owners that brings business
and personal banking together for a more streamlined way of working
and living, is designed to facilitate account management, saving
both time and money. The service provides a single point of access,
whether in the branch, by phone, or through digital banking, by
which HSBC customers can manage both their personal and business
finances.
According to the Small Business Administration (SBA), 99.7
percent of all U.S. private sector employers are small businesses,
and nearly 7 out of 10 American jobs are at a small business. With
this scale, it’s easy to understand the importance of this segment
and how it fuels the U.S. economy.
“Small businesses play a pivotal role in the U.S. economy and
contribute greatly to our thriving communities throughout the
country,” said Shaun McDougall, Head of Retail Business Banking at
HSBC Bank USA. “By using Biz2Credit’s Biz2X Platform, HSBC Fusion
delivers a straight-forward and efficient lending process to our
small business banking customers, enabling them to spend more time
running their businesses without worrying about whether or not
they’ll be able to get a loan.”
The Biz2X Platform
HSBC will use the Biz2X Platform’s credit decisioning engine,
based on artificial intelligence and a configurable lending rules
engine, to empower its relationship managers with faster and more
accurate credit decisions. Benefits of the platform include:
- The ability to automatically approve loan or line increase
requests up to $100,000. Full underwriting protocols will be in
place via the staff portal for larger loan amounts.
- Coverage of origination and credit line increases for small
business credit products, including credit cards, term loans and
lines of credit.
- Ease-of-use for HSBC staff processing loan applications through
a new staff portal built on Biz2X.
- Credit rules that feature advanced neural network models to
ensure fast loan decisions, based on several hundred data
parameters.
- A configurable rules engine that allows HSBC to modify its
lending criteria smoothly in response to changing market
conditions.
“Our partnership with HSBC Fusion opens the flow of capital to
small business owners. Through this offering we are helping
entrepreneurs bolster their finances, save time and gain quick,
easy access to capital,” said Rohit Arora, CEO of Biz2Credit and
Biz2X. “For Biz2Credit, it represents another step in the growth of
our Biz2X Platform globally.”
HSBC Bank USA, National Association (HSBC Bank USA, N.A.)
serves customers through retail banking and wealth management,
commercial banking, private banking, and global banking and markets
segments. It operates bank branches in: California; Washington,
D.C.; Florida; Maryland; New Jersey; New York; Pennsylvania;
Virginia; and Washington. HSBC Bank USA, N.A. is the principal
subsidiary of HSBC USA Inc., a wholly-owned subsidiary of HSBC
North America Holdings Inc. HSBC Bank USA, N.A. is a Member of
FDIC. Investment and brokerage services are provided through HSBC
Securities (USA) Inc., (Member NYSE/FINRA/SIPC) and insurance
products are provided through HSBC Insurance Agency (USA) Inc.
HSBC Holdings plc, the parent company of HSBC, is
headquartered in London. HSBC serves customers worldwide from
offices in 64 countries and territories in its geographical
regions: Europe, Asia, North America, Latin America, and Middle
East and North Africa. With assets of $2,956bn at 30 September
2020, HSBC is one of the world’s largest banking and financial
services organisations.
Biz2X / Biz2Credit
Biz2Credit was founded in 2007 with one goal: make the business
financing process work better for lenders and their customers.
Since its inception, Biz2Credit has arranged more than $3 billion
in small business financing and has several times been named to
Crain’s New York’s Fast 50 and was ranked among the top 200
fast-growing companies on Deloitte's 2018 Technology Fast 500. The
company offers its Biz2X Platform to banks and other financial
institutions to allow them to better manage loan processes and
related risks. The Biz2X Platform is SOC 2 and ISO 27001 certified
and runs on Amazon Web Services with 99.9% availability. For
inquiries, contact info@biz2x.com. For more information about
Biz2Credit and Biz2X, visit Biz2Credit.com and Biz2X.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201112005629/en/
For HSBC: Matt Klein +1 212 525 4644
matt.klein@us.hsbc.com For Biz2Credit: John Mooney +1 908 720
6057 john@overthemoonpr.com
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