HSBC Taps Biz2X Platform To Accelerate SMB Credit Approvals

To simplify banking for small- to medium-sized businesses (SMBs) in the United States, HSBC is rolling out a new service with Biz2Credit. The financial institution is harnessing Biz2Credit’s Biz2X Platform as part of the HSBC Fusion program to accelerate the approval of credit applications for SMBs throughout the nation, according to a Thursday (Nov. 12) announcement.

“By using Biz2Credit’s Biz2X Platform, HSBC Fusion delivers a straight-forward and efficient lending process to our small business banking customers, enabling them to spend more time running their businesses without worrying about whether or not they’ll be able to get a loan,” said Shaun McDougall, head of Retail Business Banking at HSBC Bank USA, in the announcement.

HSBC Fusion is meant to help with account management, conserving time and funds, according to the announcement. The platform offers one point of access through which the bank’s clients can handle their personal and company finances in the branch, by phone or via online banking.

The bank will harness the credit decisioning technology of the Biz2X Platform to “empower its relationship managers with faster and more accurate credit decisions” per the announcement.

Benefits of the platform encompass the ability to give the green light to a loan or line increase requests as high as $100,000 without intervention. But the bank notes that complete underwriting procedures will be in place for more sizable loan amounts, the announcement stated.

The platform provides coverage of origination and credit line increases for credit products geared toward SMBs and credit rules that showcase high-level neural network models, per the announcement. It also offers a configurable rules engine that lets HSBC smoothly change its lending requirements.

In addition, the platform provides “ease-of-use” for the bank’s personnel handling loan applications via a new system developed on Biz2X, according to the announcement.

In separate news, HSBC debuted Hong Kong’s inaugural remote business account opening workflow created for SMBs. The firms can open an account anytime and anywhere.

Customers can seek a business-integrated account virtually and immediately receive the account number.