BNB Bank Goes Digital with PayNet to Transform Credit for Small Businesses
CHICAGO--(BUSINESS WIRE)--Nov 14, 2018--BNB Bank, with assets of approximately $4.5 billion operating 38 retail branch locations serving Long Island and the greater New York metropolitan area, announces that it will use PayNet’s Credit History Report and MasterScore® v2 to digitize the bank’s loan approval process. PayNet, the leading provider of small business credit data and analysis, will help BNB automate loan approvals, thereby decreasing turnaround time, improving customer experience, and creating a more seamless loan process.
“PayNet is thrilled to partner with a leading-edge bank such as BNB,” says PayNet, Inc., President William Phelan. “By digitizing commercial lending, BNB will decrease the time it takes to evaluate a business’s credit, allowing for better decisions via relevant, on-demand, and secure private company credit assessments, helping qualified small businesses gain access to much needed credit.”
With PayNet MasterScore® v2′s powerful ability to predict borrowers’ risk, BNB will benefit from improved decisioning and increased profitability. And, the PayNet Credit History Report provides more robust small-business credit data while reducing costs and increasing efficiency, resulting in better-informed lending and portfolio management decisions.
“As the top community bank headquartered on Long Island, BNB has supported the growth and success of local business for more than 100 years,” says BNB Bank EVP, Chief Lending Officer Kevin L. Santacroce. “Our partnership with PayNet will improve the loan process and as a result the customer experience. PayNet enhances our lenders’ ability to turn loans around faster, delivering the credit customers need when they need it.”
For more information about PayNet and its solutions that are powering the digital lending transformation, please visit paynet.com.
PayNet, Inc., is the leading provider of credit ratings on small businesses enabling lenders to manage credit risk, grow earning assets and operate credit at lower cost. PayNet maintains the largest proprietary database of small business loans, leases and lines of credit encompassing over 24 million contracts worth over $1.6 Trillion. Using state-of-the-art analytics, PayNet converts raw data into real-time market intelligence and predictive information that subscribing lenders use to make informed small business financial decisions and improve their business strategy. For more information visit www.paynet.com.
About BNB Bank
Established in 1910, BNB, with assets of approximately $4.5 billion, operates 38 retail branch locations serving Long Island and the greater New York metropolitan area. In addition, BNB operates one loan production office in Manhattan. Through its branch network and its electronic delivery channels, BNB provides deposit and loan products and financial services to local businesses, consumers and municipalities. Title insurance services are offered through BNB’s wholly owned subsidiary, Bridge Abstract. Bridge Financial Services, Inc., a wholly owned subsidiary of BNB, offers financial planning and investment consultation. For more information visit www.bnbbank.com.
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KEYWORD: UNITED STATES NORTH AMERICA ILLINOIS NEW YORK
INDUSTRY KEYWORD: SUPPLY CHAIN MANAGEMENT SMALL BUSINESS PROFESSIONAL SERVICES ACCOUNTING BANKING FINANCE RETAIL OTHER RETAIL
SOURCE: PayNet, Inc.
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PUB: 11/14/2018 12:13 PM/DISC: 11/14/2018 12:15 PM