Software publisher MySis has launched a new product designed to cash in on the crowdlending market, enabling retail and corporate banks to offer marketplace lending without developing their own software.
Misys’ FusionBanking CrowdLending is a software-as-a-service solution which provides an integrated system to bring together lenders, including individuals, asset managers, and banks, together with borrowers of all sizes, innovating and digitalising traditional lending.
The specially-designed system can integrate with most core banking systems as well as Misys’ own lending software suite, FusionBanking Loan IQ.
The UK-based company has global reach, with offices in 50 countries, developing financial software solutions for over 2,000 customers. Mysis’ FusionLending software is the first of its kind, offering consumers a crowdlending option but through a trusted banking institution.
Ian Morris, Misys’ Global Head of Product, presented the offering to an audience of French bankers on Tuesday at the Misys Connect Forum in Paris. He said:
“FusionBanking CrowdLending is only the first of many innovative products we have in our pipeline.
“We are very proud of the fact that we were able to bring this idea from concept to product in such a short time. We are changing our speed of innovation to help our banking customers change theirs, to help them accelerate their necessary digital transformation.”
The P-2-P lending sector has taken off in the last couple of years, with the number of projects being funded through this method rather than traditional bank loans growing exponentially.
Simon Paris, President at Misys, commented on the sector’s growth:
“A growing and increasingly relevant slice of the market is now being processed by independent P2P providers. With traditional lending vehicles also under pressure from marketplace lenders, banks risk missing out.
“Our approach enables banks to capture more of the opportunities in this market, and to de-risk, disrupt and quickly grow in this competitive space.”