Integration allows for intelligent risk insights, frictionless onboarding and customer lifetime monitoring in one easy to use platform
Thincats, an alternative lender specialising in serving mid-sized SMEs, is the first organisation live on the integration
DueDil, a respected company intelligence platform, has announced a new collaboration with nCino, Inc. (NASDAQ: NCNO), a pioneer in cloud banking and digital transformation solutions for the global financial services industry. Through the collaboration, DueDil and nCino are able to offer financial institutions across EMEA powerful due diligence tools that are seamlessly integrated into the nCino Bank Operating System®. The integration aims to onboard clients faster and better manage risk on a single platform.
ThinCats, an alternative lender focused on mid-sized SMEs, became the first financial organisation to take advantage of this integration. ThinCats now runs all its Know Your Business (KYB) checks through DueDil on the nCino platform, which has enabled ThinCats to minimise risk while maximising loan volumes – all while facilitating faster and better-informed lending decisions.
“An important reason for initially partnering with nCino, beyond the speed at which we were able to implement and its robust functionality, was the platform’s ability to easily integrate with other applications,” said Steve O’Neill, Chief Technology Officer at ThinCats. “We wanted a platform that could grow with us and accelerate new opportunities and this integration is a great example of that in action. Thanks to the excellent compatibility between the nCino and DueDil technology, and the strong collaboration between the respective teams, we now have a valuable source of new data embedded within our existing operating processes.”
SMEs are the lifeblood of the UK economy with Parliament reporting that there were 6.0 million SMEs in the UK in 2020, representing over 99% of all businesses. However, due to the negative financial impacts of Covid-19 on SMEs, financial organisations have had to deal with growing levels of loan fraud, making the need to assess potential risks greater than ever.
DueDil’s market-leading company intelligence platform supplies the information lenders need to check companies are legitimate and honest in their declarations, including financials, ownership structure and credit risk and surfaces unique insights.
“It’s not unfair to say that the past 15 months or so have been some of the hardest ever for SMEs in the UK,” said Justin Fitzpatrick CEO at DueDil. “Simple access to funding was, and continues to be, their lifeline for survival. nCino’s customers in EMEA can now offer funding in a more risk-averse way by leveraging the DueDil API for KYB checks. With so many financial services brands already using nCino, the ease and availability to consume DueDil just became significantly simpler. We’re proud to be working together to make KYB checks more accessible to the lending industry”.
“We’re pleased that the integration between nCino and DueDil has provided ThinCats the opportunity to realise even more benefits for its staff and clients”, said Rob Martin, Technology Partners Manager at nCino. “Automation remains one of the greatest weapons in reducing the risks that financial institutions face related to compliance issues and fraud. As we’ve all seen in the past year, it’s critically important that financial institutions adapt their technology to current market needs and we view this collaboration as a proactive way of helping institutions establish best practices to address risk and compliance.”
ThinCats is an established alternative lender dedicated to funding mid-sized SMEs with business loans from £1m up to £15m using pioneering data, personal relationships and a pragmatic lending process. ThinCats’ progressive approach has already enabled SMEs to borrow more than £1 billion. www.thincats.com
ThinCats is the trading name of a group of companies owned by ESF Capital Limited.
nCino (NASDAQ: NCNO) is the worldwide leader in cloud banking. The nCino Bank Operating System® empowers financial institutions with scalable technology to help them achieve revenue growth, greater efficiency, cost savings and regulatory compliance. In a digital-first world, nCino’s single digital platform enhances the employee and client experience to enable financial institutions to more effectively onboard new clients, make loans and manage the entire loan life cycle, and open deposit and other accounts across lines of business and channels. Transforming how financial institutions operate through innovation, reputation and speed, nCino works with more than 1,200 financial institutions globally, whose assets range in size from $30 million to more than $2 trillion. For more information, visit: www.ncino.com.