PayNet 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,” says 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.”
By using MasterScore, BNB will benefit from improved decision-making and increased profitability. Additionally, the 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,” says BNB Bank EVP and 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.”
PayNet provides credit ratings on small businesses enabling lenders to manage credit risk, grow earning assets and operate credit at lower cost. It maintains the largest proprietary database of small business loans, leases and lines of credit encompassing over 24 million contracts worth over $1.6 trillion.
Established in 1910, BNB operates 38 retail branch locations serving Long Island and the greater New York metropolitan area. It provides deposit and loan products and financial services to local businesses, consumers and municipalities.