Baker Hill – a leading provider of technology solutions for common loan origination, risk and relationship management, CECL compliance, and smart data analytics – and Validis – a pioneer of financial data sharing and standardization technology – have entered into a strategic partnership to combine the companies’ industry-leading technology.
Through this partnership, Validis’ world-leading financial data sharing and standardization technology platform, DataShare, will integrate with Baker Hill NextGen®, the expert cloud solution for lending, risk management, CECL compliance, and analytics. As a result, financial institutions will fully automate statement spreading and benefit from an enhanced SMB lending process. The combined technology will enable financial institutions to offer higher value, personalized services to potential customers and build a satisfied, loyal customer base. Automating the gathering and consumption of financials commonly cuts weeks off the commercial lending process. The function drives much more rapid growth in a bank’s C+I portfolio and reduces the time pressure on underwriting by as much as 90 percent by delivering standardized and complete financials at the touch of a button.
Validis’ DataShare, which features a suite of APIs and an online portal to view the data, provides financial institutions with fast, easy access to an SMB client’s financial data, direct from their accounting application, in a standardized format. SMB borrowers benefit from quicker decisions and automation of the collection and transfer of their financial data to the financial institution. Likewise, financial institutions benefit from access to the borrower’s accurate, complete and current financial data, which provides greater insights, speeds decisioning and minimizes risk. Validis connects to over 80 percent of online and offline accounting applications used by the SMB market and extracts the full transactional history.
More than just another loan origination system, Baker Hill NextGen® is the most powerful banking solution in cloud technology, empowering its customers with unprecedented core strength combined with risk management and unparalleled insights - all through a single platform. Specifically engineered to adapt to the evolving needs of banks and credit unions, Baker Hill NextGen® is the intelligent choice for those who want to boost productivity, maximize convenience and lower costs of ownership. The platform uses the most advanced, flexible and scalable technology stack in existence today to allow for seamless data and third party integrations. Packed with the functionality required in today’s evolving financial services landscape, development of Baker Hill NextGen® was informed by more than 35 years of industry expertise.
By integrating these two platforms, financial institutions will now have access to a superior, automated statement spreading solution that offers unprecedented insight into the commercial lending underwriting process. This revolutionary combination will not only offer financial institutions greater efficiency and consistency to make sound credit decisions, but it will also streamline the collection of financials from business customers and provide a better experience. No configuration or data preparation is required for either the financial institution or the borrower, and borrowers’ complete financials are delivered into Baker Hill NextGen® within minutes.
“With DataShare, financial institutions gain a comprehensive view of an SMB borrower’s financial health, ultimately becoming a true partner to their customers,” said Joel Curry, CEO of Validis. “By combining this technology with Baker Hill NextGen®, we are empowering financial institutions with fast and easy access to clients’ financial data in a standardized format. Baker Hill has made a substantial impact on the financial services industry, not only driven by its three decades of expertise and technology, but by its executive leadership team. We believe this relationship will drive future success and growth of our customers’ businesses.”
“Because of our rapid success and as evidence of our superior innovation and expertise, Baker Hill NextGen® has captured the attention of the financial services industry and attracted a number of high-tech, high-profile, innovative companies like Validis as strategic partners,” said John M. Deignan, President and CEO of Baker Hill. “Our partnership with Validis illustrates the impact of Baker Hill NextGen® and the need for powerful technology for both loan origination (from online loan applications to complete lending process management) and portfolio risk management, making it possible for financial institutions to aggressively compete while driving profitability. This relationship is an exciting venture for us and we look forward to the value it will provide the entire industry.”