LendingMetrics has announced that it has agreed on an ADP platform partnership with Evolution Money.
By using Lending Metrics ADP, Evolution will be able to make credit decisions within milliseconds and build rules, scorecards and matrices using a variety of data sources.
LendingMetrics’ Director David Wylie said “ADP forms an important part of Evolution’s growth strategy. The platform cuts out manual underwriting and replaces it with completely automatic decision-making that can be finessed over time. Given that there are often no implementation fees whatsoever with ADP, this technology is very cost effective for Evolution.”
ADP was launched in 2016 to free lenders from the cost burden of manual loan underwriting, while at the same time giving them access to data analytics and the Open Banking revolution. It integrates with all major credit reference agencies and puts the lender in control of credit rule changes. Operational/credit risk staff can control changes in real time through a comprehensive yet simple user interface.
Wylie added: “Like a lot of companies Evolution Money had considered building its own automated decisioning platform in-house, however, they felt they did not have the technical resource to deliver a platform as flexible and robust as an “out of the box solution” in the required timescales. In any case, they wanted to focus on their core strengths of driving forward their successful lending operation.”