BNB Bank, with assets of approximately $4.5 billion operating 38 retail branch locations serving Long Island and the greater New York metropolitan area, announced that it will use PayNet’s Credit History Report and MasterScore v2 to digitize the bank’s loan approval process.
PayNet, a 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,” said PayNet 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,” said 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.”
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