The Client

The client is a leader in alternative small business financing and has maintained an A+ rating with BBB (Better Business Bureau). It has also been the founding member of SBFA (Small Business Finance Association) and has provided millions of dollars in business funds to companies nationwide. The company has offices across US, UK, Canada and Australia.

The Business Challenges

1

The whole funding process right from application, generating an offer, approval to disbursal was laborious complex and time consuming

2

Client had to validate information provided by customers on paper based forms from other databases manually

3

Customers were based in different geographical areas so they required a multilingual and multi template interface to increase outreach

4

The underwriting team had to struggle to validate the data from legacy database to make the loan offer

5

As the whole process was paper oriented internal teams had to spend more time to focus on other business areas

Diaspark’s Solution

Diaspark developed a Web based application using play frameworks to replace the client’s paper based application system. This web based app was used by merchants, sales representatives, agents, affiliates, operations team etc.

The underwriting logic to offer products was also automated which made the loan offer swift and convenient

The underwriting logic to offer products was also automated which made the loan offer swift and convenient

The app made it convenient for merchants to apply for business funds. They simply had to fill an online application form and a quick quote was generated instantly

The app made it convenient for merchants to apply for business funds. They simply had to fill an online application form and a quick quote was generated instantly

As the time taken by the former paper based system was reduced. Eventually the internal teams had more time focusing on critical business areas (like generating more leads etc.)

As the time taken by the former paper based system was reduced. Eventually the internal teams had more time focusing on critical business areas (like generating more leads etc.)

Being a multilingual and multi t template web app, it promptly supported company’s international business locations

Being a multilingual and multi t template web app, it promptly supported company’s international business locations

APIs Used in the Project
  • Yelp : Search the business by the business phone number
  • Geocode API :Gives the city and state from zip code
  • NAMAA :API to check if the business is fraud or not
  • Precise ID : To verify the identity of the owner in US
  • Experian : To get the credit report in US
  • Veda :To get the credit report in AUS
  • Yodlee To link to bank account of the merchant after the merchant is being funded to get the withholding based on the product

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