Rapid Enterprise, a division of Rapid Finance delivering Lending-as-a-Service (LaaS) solutions to support enterprise clients, announced today the commercial availability of its award-winning, AI-powered fraud detection platform, Lynx, allowing financial institutions to leverage their data better and gain insights to generate 360-degree views of their customers.
Data has become a critical asset for banks and truly knowing the customer, both individually and as a business, is key for any institution. Built with a modular, cloud-native, API-based design, Lynx quickly and easily integrates with enterprise partners’ existing systems and workflows, equipping enterprises with data enrichments and verifications; related application identification; insights and alert indicators to drive efficient and intelligent decisioning. Designed to standardize disparate datasets, Lynx’s proprietary pattern-matching-AI algorithms identify related records and instantly makes them available to users in any system through real-time API calls. The Lynx API also provides optional data enrichments through third-party data integrations to facilitate KYC/KYB and fraud checks within a single call.
A proven marketplace solution, Rapid Finance has successfully leveraged Lynx within the company’s lending business for seven years, as well as by the U.S. Small Business Administration (SBA) in the execution of COVID-19 EIDL programs that provided more than 10 million loans and grants, totaling almost $400 billion. As a result, Rapid Finance was awarded recognitions from both Fintech Futures and the Fintech Breakthrough Awards for Lynx’s performance for its users.
Lynx is available alongside Rapid Enterprise’s true, end-to-end digital loan origination system (LOS), Decisioneer, as components of Rapid Enterprise’s proven LaaS solution set that supports lending operations across acquisition, origination and servicing.
“We’re excited to share Lynx as a commercially available product, allowing enterprises to leverage their data better while tapping Lynx AI to manage their customer interactions in a more efficient and effective manner,” said Will Tumulty, CEO, Rapid Finance. “As lenders ourselves, and through our work with the SBA, we understand the importance of providing a frictionless experience to customers while minimizing fraud. Our team uses Lynx extensively, including managing our enterprise clients through collections and recovery practices, to unlock the power of data and achieve the highest collections rates in our space – and we are confident that the commercial availability of Lynx will help more FIs harness their data to better support their customers and financial programs.”
About Rapid Finance/Rapid Enterprise
Since 2005, Rapid Finance has been supporting the growth and success of small businesses across the U.S. Powered by a thoughtful combination of technology, speed and deep industry expertise, the Rapid Enterprise business line provides Lending-as-a-Service solutions to enterprise clients. With modular, flexible and scalable financial solutions, Rapid Enterprise solutions are customized to our enterprise partners’ needs. Learn more at https://enterprise.rapidfinance.com/.
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