APPROVE, an embedded finance platform for equipment sellers, launched the first in a series of product enhancements that harness artificial intelligence, designed to remove roadblocks from the process of financing equipment purchases.
APPROVE’s initial AI module became available to equipment sellers in September. APPROVE launched this feature to identify and highlight equipment finance applications with a high probability of approval. Additionally, APPROVE uses these AI capabilities to automatically decline applications that do not meet lender standards for financing.
“We have tested our technology on hundreds and hundreds of applications,” Robert Preville, CEO of APPROVE, said. “As long as a customer is providing accurate information, we find that the predictions we get on the likelihood of approval are 100% accurate.”
APPROVE intends to build on this initial APPROVE AI feature launch with continued releases of enhanced capabilities that customers will be able to find under the APPROVE AI tab within their customer portals.
“APPROVE AI grew out of the culture of innovation that is central to the way we do business,” Preville said. “We are constantly looking at every point in the equipment financing process from the perspective of the vendor, the buyer, the lender, and asking, ‘How can we make this better?’”
APPROVE AI features are available to all vendors using the APPROVE embedded financing platform.
