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Raistone is keeping up with the fast-changing specialty finance industry by developing new products and features, such as its virtual card product and proprietary RaiScore.
Raistone was created with the vision of equalizing access to working capital and meeting the demand for financing on a global scale. To further accelerate innovation and address customers’ desires for faster, more flexible and secure funding methods, Raistone developed its virtual card product. As part of the program, Raistone partnered with Mastercard to extend secure payment innovation and streamline financial approval processes.
Virtual cards are a new way for small- and medium-sized businesses (SMBs) to accelerate payment of invoices. Instead of waiting more than 90 days to get paid for goods or services, companies can have their invoices accelerated through Raistone, with the proceeds deposited instantly onto a virtual card. Raistone is also offering women and other minority-owned business enterprises the ability to join with no enrollment fees through the end of 2022.
Raistone has other innovative initiatives in the pipeline for 2022, notably the development of its proprietary RaiScore, which is akin to a FICO score for SMBs. The RaiScore utilizes machine learning and advanced technology to analyze and determine creditworthiness of companies that are not currently large enough to receive a rating from organizations like Moody’s and S&P.
“Helping small- and medium-sized businesses has always been a key focus for us at Raistone, but current supply chain struggles have shone a light on the increasing challenges businesses now face in a post-COVID world,” Dave Skirzenski, CEO of Raistone, says. “At Raistone, we are proud to offer our innovations in finance and technology to support businesses in need, particularly in tough times like these.”