Finastra has partnered with Marketnode to automate credit agreement onboarding for corporate lenders through its Loan IQ platform.

The partnership integrates Marketnode’s document automation technology with Finastra’s Loan IQ Nexus Build module.

This gives financial institutions a more efficient way to extract data from credit documents and map it into Loan IQ.

The move targets a process that has long depended on manual data entry and fragmented workflows, which can slow deal setup and increase operational risk.

Marketnode’s technology uses large language models, optical character recognition and machine learning to read structured and unstructured data in credit documentation.

The extracted data can then be transferred into Loan IQ through APIs to speed up onboarding and deal setup.

The setup can reportedly reduce processing time from around two hours to 10 minutes.

Rehan Ahmed, CEO at Marketnode, said,

“Integrating Marketnode’s AI-powered automation within Loan IQ’s trusted global infrastructure enables nimble, intelligent and resilient operations at scale, in a truly digital format.

This reshapes how institutions manage the end-to-end lifecycle from origination to distribution, providing them with the tools to help navigate an increasingly complex credit landscape.”

Andrew Bateman, EVP of Lending at Finastra, said,

“Through this collaboration, we are extending Loan IQ’s capabilities to help financial institutions reduce manual processes, improve data accuracy, and accelerate the onboarding of credit agreements.

The result is a faster path to revenue recognition and greater scalability for lenders worldwide.”

The solution supports both on-premise and private cloud deployment.

Its current configuration is hosted on Microsoft Azure, which enables real-time workflow integration, scalable AI and machine learning processing, and encrypted data exchange between Marketnode and Loan IQ.

Featured image: Edited by Fintech News Singapore, based on image by wwwmizanurmia via Freepik