HCL Technologies, a technology company, is partnering with Lendico to deliver application and engineering tools to make a new digital platform to boost business banking, according to a press release. The goal is to help small to mid-size businesses (SMBs) access faster, more convenient banking options.
“We want to create complete business banking solutions that enhance our position as a strong partner for SMEs on the basis of the agile mentality that enables us to innovate and scale rapidly,” said Sven Foos, managing director, Lendico and head of business banking, ING Germany. “HCL was the ideal partner to support our journey due to its ingrained culture of digital innovation, next-generation engineering capabilities and transformational frameworks.”
The partnership will see HCL setting up a tech lab in Brooklyn that Lendico will leverage. Lendico plans to use it to set up credit decisioning, loan collection and KYC processing, along with other solutions like API gateways and microservices.
In other small business banking news, the FinTech startup MODIFI plans to utilize its new funding to upgrade customers’ ability conduct all of their trade-related business in the same place.
According to the report, MODIFI has helped smaller businesses to better achieve international payments. Its platform is reportedly on track to share over $1 billion to India’s small businesses by 2023.