PayNet and Fair Isaac Corporation (NYSE:FIC) today announced the launch of the new SBSS PayNet 1.0 scoring models.
This model suite combines PayNet's powerful commercial database with Fair Isaac's statistical and analytical expertise. Fourteen of the 20 models support term loan/line of credit lending and six models support leasing. The SBSS PayNet 1.0 model suite has been proven in testing to be highly effective in enhancing existing risk processes to predict the potential delinquent behavior of small business accounts. The solution allows the small business lender to achieve greater profitability through increased acceptance rates and decreased losses providing lenders different data sources to evaluate risk. The scores are available through the latest release of LiquidCredit service 6.6.1 from Fair Isaac.
"Small business is the engine that drives the U.S. economy, and with the economy now under severe pressure, lenders and lessors who serve small businesses are looking for new ways to improve profitability while mitigating risk," said Marcus Bishop, Vice President Product Management, Fair Isaac Corporation. "The newest release of Fair Isaac LiquidCredit, which includes new SBSS PayNet models, is exactly what these businesses need to compete and win."
Tom Ware, PayNet's Senior Vice President of Analytics & Product Development, added "We have heard for a long time that both banks and finance companies wanted a comprehensive scoring solution based on ‘comparable' term credit data, rather than just on trade data, and that they wanted it as part of the time-tested and trusted Fair Isaac SBSS model suite, so that it can be used immediately. This new release of SBSS now provides banks and finance companies with this more powerful solution."