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PayNet: New Financial Technology Upgrades Bank’s Credit Review Process

August 08, 2017, 07:00 AM
Filed Under: Industry News

Editor's Note: The following press release is a revision to the originally posted press release.

Enables Banks to Review All Credits and Focus on the Highest Risks

is introducing PayNet Credit Review Express, a risk management tool which streamlines the credit review process making credit review easier and less costly.
“Regulatory rules dictate that some form of acceptable annual review must be documented to support the bank’s internal risk grades,” states William Phelan, President, PayNet, Inc. “Most banks struggle with the time and cost of credit reviews.”
Credit Review Express assesses the credit risk of each C&I borrower each month. Banks can assign their definition of risk from delinquency to probability of default to assign high, medium or low risk to each borrower. Currently, PayNet sees less than 2% of C&I borrowers as high-risk credits. Other features include automated action steps (such as Watch, Restructure, Work-out) and a customized dashboard to monitor and track activity.
“This new solution enables bankers to be proactive and drive administrative efficiency, providing custom insight on how to mitigate losses, reduce costs and identify growth prospects,” Phelan noted.
An educational webinar to discuss how small business lenders can streamline the credit review process is scheduled for Tuesday August 8, 2017 at 11:00 am CST. To register click here.

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