Bank of America is to use Seattle-based CapitalStream's automated online commercial finance transaction system for real-time credit applications and approvals for its small business clients.
In the first phase of the three year agreement, small businesses using the bank's online business centre will be able to complete a credit card application and receive a response in less than a minute. In the future, Bank of America small business clients will be able to use the CapitalStream platform for automated equipment financing, business loans and lines of credit.
"From submitting customer applications all the way through to the approval process, Bank of America now has a complete online solution, without having to build it from the ground up," says Stephen Campbell, president and CEO of CapitalStream.
Mike Anzenberger, channel strategy and development executive for Bank of America, says: "We were looking for a better, more efficient way to serve our small business customers' credit needs, and CapitalStream had the solution that integrated with our front-end and credit management systems."
Last year, Bank of America processed more than 250,000 credit applications from its two million small business customers.