According to a note from Biz2Credit, the service is part of the HSBC Fusion service offering. The bank is using Biz2Credit’s “Biz2X Platform” to speed up the approval of credit applications for small businesses. The Biz2X tech is also expected to reduce the risk in the bank’s lending portfolio.
HSBC Fusion is a service for business owners that brings business and personal banking together. The service provides a single point of access where HSBC customers can manage both their personal and business finances. HSBC Fusion will roll out in December 2020.
“Small businesses play a pivotal role in the U.S. economy and contribute greatly to our thriving communities throughout the country,” said Shaun McDougall, Head of Retail Business Banking at HSBC Bank USA. “By using Biz2Credit’s Biz2X Platform, HSBC Fusion will deliver a straight-forward and efficient lending process to our small business banking customers, enabling them to spend more time running their businesses without worrying about whether or not they’ll be able to get a loan.”
The Biz2X Platform’s credit decisioning engine enables a faster lending process and the ability to automatically approve a loan of up to $100,000.
“Our partnership with HSBC Fusion opens the flow of capital to small business owners. Through this offering we are helping entrepreneurs bolster their finances, save time and gain quick, easy access to capital,” said Rohit Arora, CEO of Biz2Credit and Biz2X. “For Biz2Credit, it represents another step in the growth of our Biz2X Platform globally.”