Global financial software provider Finastra unveiled its Loan IQ Simplified Servicing solution at Sibos 2024.
The new solution is designed to streamline loan servicing for bilateral and SME loans by offering a simplified interface aimed at handling large volumes efficiently.
By integrating this new functionality into its existing Loan IQ platform, financial institutions can manage their entire loan portfolios within a single system.
This development is intended to improve efficiency, reduce operational risks, and enhance transparency by breaking down silos within the lending process.
The automation of previously manual tasks is expected to lead to faster processing times and greater accuracy in loan servicing.
Finastra has highlighted that this initiative could also improve access to finance for small and medium-sized enterprises (SMEs).

“Historically the loan market has been slow to innovate, making the loan servicing function reliant on manual processes that are inefficient and error-prone – particularly when it comes to servicing high volumes of smaller loans.
The Simplified Servicing solution provides a way to service SME loans within Loan IQ, opening more routes to finance for small and medium-sized businesses. The move reflects our commitment to Open Finance and helping smaller businesses access the banking services they need to prosper.”
said Veena Rao, Head of Corporate Lending at Finastra.
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