Cloud Lending Solutions, a global cloud infrastructure company, announced on Tuesday the launch of CL Multi-Country Extension, a lending technology platform to support global operations.
With CL Multi-Country Extension, marketplace lenders can manage all operations from a single system, including bank integrations, funds movement and accounting across multiple countries.
Snehal Fulzele, CEO of Cloud Lending Solutions, shared:
“Alternative lending is a global movement being driven by innovative lenders who need to free their operations from antiquated systems that inhibit scale across markets and geographical borders. Moving to a new country can be cost prohibitive with duplicate costs, training and systems. With CL Multi-Country Extension, our customers can now optimize and streamline their global operations and focus their organizational energy on identifying new markets to penetrate.”
Operating in multiple countries is one of the difficult challenges mitigated by CL Multi-Country Extension. The platform allows loan operators to add countries, configure for those countries and staff from a single location. Previously, no other marketplace lending platform has offered marketplace lenders these capabilities in a single system.
Peter Renton, founder of Lend Academy and LendIt, noted:
“Marketplace lending has been a driving force in transforming a multi-trillion dollar industry to make it easier for people to borrow money. Companies like Cloud Lending are putting forth disruptive technologies that are accomplishing this simple goal. CL Multi-Country Extension could dramatically alter the marketplace lending landscape by solving lenders’ need to cost-effectively scale across countries and financial institutions.”
The CL Multi-Country Extension platform provides three distinct capabilities:
- Multiple Bank Integration: Manages the individual setup of each bank’s Automated Clearing House (ACH) integration, events and banking holidays.
- Lending Operations and Accounting Support: Offers the ability to setup and run marketplace lending in multiple countries with a consolidated view for performance management.
- Central Operations: Offers a single system of record for all operating and customer data, allowing for streamlined reporting, account tracing and increased operations visibility via consolidated workflows.