New York (PRESS RELEASE – February 2, 2011) – Speaking at FinovateEurope, New York-based Capital Access Network, Inc. (CAN) unveiled a Spanish language version of its Daily Remittance Platform (DRP), extending the power of this innovative technology to small and mid-sized business (SMB) lenders, leasors, processors, acquirers, banks, credit card and other working capital providers across the globe that desire to move past simple credit score-based underwriting.
CAN, a leading provider of data, systems and technology for the SMB market, introduced the concept of “daily remittance” finance through a demo of the DRP SPARQ Underwriting Module at FinovateFall 2010. The FinovateEurope demo highlights DRP’s post-underwriting workflow and amortization modules. DRP’s multiple languages, postal and telephonic protocols and currency capabilities mean replacement of lost interchange and other revenue plus improved risk, decision-making and portfolio performance visibility for SMB finance providers in any nation. DRP integrates all components of a finance operation into a single business layer, including required workflows and accounting modifications, enabling the provider to be in-market within 90-180 days.
“Typical small business underwriting, delivery and servicing models are not only antiquated, they are dangerous to the health of small business finance providers,” noted Glenn Goldman, CEO and President of CAN. ”We have a groundbreaking innovation. DRP helps protect providers by innovating beyond monthly ‘wait and hope’ models and focusing on ‘daily’ — daily merchant card sales data feeds, daily self-learning model updates, daily pricing changes, daily monitoring of every account, daily revised workflows and daily reporting.”
DRP is delivered as a hosted service or as cloud-based technology and is tailored to meet the specific risk tolerance and reporting needs of each client. CAN has tested and refined DRP’s daily remittance model over the last 12 years by providing, through its subsidiaries, almost $2 billion in capital to more than 30,000 SMBs in the U.S.
About Capital Access Network, Inc.
Capital Access Network, Inc. (CAN) delivers innovative financial products and services, led by its flagship product, the Daily Remittance Platform, for small and mid-sized business (SMB) capital providers. CAN offers SMB lenders, credit card issuers, leasors, processors, acquirers, banks, and other capital providers customized platforms and hosted services that enable daily remittance-powered financial products that improve underwriting decisioning and delivery, extend customer lifecycles, control costs and enhance portfolio performance.