With this acquisition, Abrigo now has an end-to-end construction origination, management and administration platform that enables construction lenders to speed their funding, BankLabs said in an Aug. 15 press release.
“In BankLabs, we found a partner that produced a robust loan administration tool, developed to cover all types of commercial and residential construction loans and borrower types,” said Abrigo CEO Wayne Roberts.
The integrated Abrigo loan origination and Construct administration suite offers loan officers real-time reporting, alerts and detailed audit trails, while +Pay manages the construction payment process for any company that pays subcontractors, per the release.
BankLabs launched the +Pay product in February 2018, saying it would integrate with Construct and enable the automation of payment streams between builders and subcontractors, improving transparency and removing the need for paper.
Read more: BankLabs Launches +Pay To Speed Up Payments
“Transitioning Construct and +Pay to Abrigo will provide even greater efficiency and interest income gains to our lenders,” BankLabs President and co-founder Matt Johnner said in the release announcing the recent acquisition. “Abrigo’s technical and product investments will expand the commercial features, integration points and user experiences for these products.”
In order for financial institutions to capitalize on opportunities to gain a competitive edge, they must embrace virtual tools that can ease friction for clients, strengthen adoption of more banking products and offer a better banking experience right from the start, Abrigo Vice President of Client Services Nolan Gesher told PYMNTS in an April 2021 interview.
“Community bankers continue to wake up [to] the need to be more digital, and they’re fast becoming more digital,” Gesher said. “I think they’re starting to level the playing field with some of their bigger competitors.”
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