The Independent Community Bankers of America® (ICBA) announced that PayNet has been selected as its newest Preferred Service Provider. PayNet’s Market Conditions Reports and Credit History Reports help community banks improve loan decision-making, streamline operations, and identify changing circumstances that may put existing loans at risk.
“PayNet’s data analytics are ideal for community banks enhancing their commercial lending operations,” said Dan Clancy, ICBA executive vice president of services. “These informative reports enable bankers to quickly and confidently approve loan applications based on the borrower’s credentials and regional industry trends.”
The PayNet Market Conditions Reports provide a localized market intelligence summary that includes information on the industry and regional trends using real-time and predictive analytics. PayNet’s Credit History Reports provide a summary of the borrower’s past transaction history—including collateral type, financing product, term and payment frequency, repayment status, and more—to help assess creditworthiness. The data comes from the richest and largest collection of commercial loans and leases, encompassing more than 23 million current and historic contracts submitted by participating banks and other commercial lenders. These interactive reports can be downloaded at any time over a secure Internet connection.
“Community banks are an important national asset, providing essential services to underserved rural and urban markets,” said William Phelan, president of PayNet. “PayNet is very excited to engage in this market segment by providing access to the data and analytics that larger institutions leverage to streamline operations and avoid more losses.”
The Independent Community Bankers of America®, the nation’s voice for more than 6,000 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services.