Sync1 Systems, the leading loan origination platform for credit unions, today announced a partnership with EDGE to deliver advanced cash flow underwriting tools. This integration empowers credit unions using Sync1’s cloud-based platform to make faster, fairer lending decisions by leveraging real-time financial insights from members’ accounts.
Beyond Traditional Credit Scores
The partnership enables credit unions to look beyond traditional credit scores and access a wider range of data points. This includes income verification, risk attributes, risk scores, and relationship attributes derived from members’ share draft accounts and external accounts. EDGE utilizes open banking data partnerships, combining credit unions’ internal data with transaction data from nearly every financial institution in the U.S.
Improved Risk Assessment and Fairer Lending
“We’re thrilled to work with such an innovative platform as Sync1,” said Craig Peterson, EDGE’s Vice President of Sales for Credit Unions. “This partnership will equip credit unions to make faster, fairer decisions for their members by providing a more holistic view of their financial health.”
EDGE leverages its extensive experience in consumer lending and a massive data lake of anonymized transaction data to generate risk attributes and scores. This rich data, combined with loan outcomes, allows for a more nuanced assessment of creditworthiness.
Streamlined Loan Processing and Member Experience
“Integrating EDGE adds another powerful capability to our platform,” said Steve Maloney, CEO of Sync1. “Open banking data provides unique insights into applicants’ ability to repay based on their income, spending habits, and saving behaviors.”
Sync1’s loan origination system offers credit unions a streamlined workflow with a robust automated decision engine and configurable workflows. Designed by credit union veterans, Sync1 caters to the specific needs of member-owned institutions and integrates seamlessly with various core processing systems.
Expanding Credit Access and Promoting Fair Lending
EDGE’s cash flow underwriting solution, built by lenders for lenders, empowers credit unions to tailor their approach to individual risk and growth objectives. “Cash flow underwriting is key to expanding credit access for the millions of Americans with limited credit history,” said Brian Reshefsky, CEO of EDGE. “Partnering with Sync1 allows us to bring real-time income and risk insights to credit unions, ultimately promoting fairer lending practices for everyone.”
This collaboration between Sync1 and EDGE empowers credit unions to make data-driven lending decisions, improve member care, and expand access to financial services for all.
