Rapid Finance, a leading small business banking platform specializing in delivering customized lending solutions, today announced the recent enhancements and launch of a cloud-based rules engine as part of its award-winning AI fraud detection platform, Lynx. The updated rules engine now enables Rapid Finance's enterprise customers to create customized risk management rules and outcomes, further enhancing their ability to make informed lending decisions aligned to their specific business criteria.
Lynx helps lenders gain a 360-degree view of small business owners by leveraging actionable data and insights to make faster, more informed decisions, minimize risk at the time of lending, and gather insights during servicing to improve portfolio ROI over the long term.
The new cloud-based rules engine includes the following key features:
- Lynx element integration: The rules engine seamlessly integrates various Lynx capabilities including indicators, third-party data enhancements and validations. This integration provides customers with a diverse toolkit to inform the rules creation process and enhance their decision-making capabilities.
- Result definition: The rules engine allows customers to specify the desired outcome for each rule, such as approve, reject, or further review, giving customers precise control and enabling them to manage the loan process based on predefined criteria, improving operational efficiency and risk management practices.
- Real-time features: Leveraging Lynx's real-time data capabilities, the rules engine enables faster decision making by evaluating incoming data against predefined rules at runtime, resulting in faster response times for onboarding applications and other related processes.
- transparency: Customers benefit from the transparent decision-making logic provided by the rules engine, facilitating a clear audit trail and explainability to stakeholders and regulators. This transparency promotes trust and accountability in the lending process and reinforces Rapid Finance's commitment to ethical and responsible lending practices.
- Custom indicators: Customers can create customized alerts and indicators that Lynx identifies at runtime, allowing their teams to holistically review their applications using the criteria that matter most to their organization.
“The cloud-based rules engine will enable small business lenders to more easily customize lending criteria and risk management strategies.” Rapid Finance CEO Will Tumulty said: “Enhancing Lynx with rules-based customization strengthens our commitment to providing the most robust and flexible small business financing solutions designed to meet the specific business needs of both lenders and small business owners.”
