Rapid Finance, a provider of small business financing and enterprise lending solutions, has unveiled SPADE, an artificial intelligence (AI) module designed to dramatically reduce the time required for processing loan applications.
Integrated into the company’s main data automation platform, Lynx, SPADE is expected to help financial institutions serving small business clients by cutting document processing time by over 95%.
SPADE utilises machine learning technology to extract vital information from diverse and often handwritten loan applications submitted in PDF format.
Traditionally, manual processing of these documents could take upwards of 20 minutes per application. With SPADE, the same task now takes approximately 20 seconds, resulting in quicker service delivery for both lenders and their business customers, said Rapid Finance.
The tool also includes smart features such as automatic document classification. Future enhancements will incorporate capabilities like company social media sentiment analysis.
According to Rapid Finance, SPADE’s versatility lies in its ability to transform unstructured documents into actionable data swiftly, thereby augmenting the functionality of the Lynx platform.
Rapid Finance CEO Will Tumulty said: “Small businesses are the heartbeat of our economy, and they deserve a lending process that moves at the speed of their ambition.
“With SPADE and Lynx working together, we’re giving our partners the tools to process applications faster, more accurately, and with less overhead, ultimately transforming how they serve their business banking customers.”
Established in 2005, Rapid Finance is committed to aiding small businesses through technology-driven financing solutions. Its Lending-as-a-Service platforms are crafted to empower small businesses and enterprise partners alike.
During internal evaluations, SPADE is said to have demonstrated an accuracy level equal to or surpassing that of human processors, handling most documents in a mere 15–20 seconds. This efficiency allows lenders to expand their operations significantly without losing accuracy or compliance.
As an integral part of the Lynx platform, SPADE is said to seamlessly integrates into existing workflows, enabling institutions to process applicant data in real time for improved decision-making.
Last month, Rapid Finance introduced a network monitoring feature within Lynx aimed at bolstering fraud detection. By employing AI-driven pattern and anomaly detection, this feature assists lenders in identifying fraud risks and anomalies efficiently.
Enhanced by the Lynx Trust Network—a collaborative community of participating lenders sharing anonymized insights—this system enables institutions to respond proactively to emerging threats by flagging fraudulent actors across the network.
