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BNB Bank Goes Digital with PayNet to Transform Credit for Small Businesses

November 15, 2018, 07:10 AM
Filed Under: Industry News

BNB Bank announced it will use PayNet’s Credit History Report and MasterScore v2 to digitize the bank’s loan approval process. PayNet will help BNB automate loan approvals, thereby decreasing turnaround time, improving customer experience and creating a more seamless loan process.

“PayNet is thrilled to partner with a leading-edge bank such as BNB,” said PayNet, Inc., President William Phelan. “By digitizing commercial lending, BNB will decrease the time it takes to evaluate a business’s credit, allowing for better decisions via relevant, on-demand and secure private company credit assessments, helping qualified small businesses gain access to much needed credit.”

With PayNet MasterScore v2′s powerful ability to predict borrowers’ risk, BNB will benefit from improved decisioning and increased profitability. And, the PayNet Credit History Report provides more robust small-business credit data while reducing costs and increasing efficiency, resulting in better-informed lending and portfolio management decisions.

“As the top community bank headquartered on Long Island, BNB has supported the growth and success of local business for more than 100 years,” said Kevin L. Santacroce, BNB Bank Executive Vice President, Chief Lending Officer. “Our partnership with PayNet will improve the loan process and as a result the customer experience. PayNet enhances our lenders’ ability to turn loans around faster, delivering the credit customers need when they need it.”

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