Lenders
TrustScience Inc., a leading provider of AI-powered credit scoring, and Inovatec Systems Corporation, a new breed of Loan Operating System (LOS) provider, announced today they will partner to release a fully automated lending platform that enables end-to-end loan management across the entire credit spectrum.
Lenders can be up and running on a fully customized LOS and an AI-powered loan underwriting model within weeks, not months (or years).
Trust Science CEO Evan Chrapko comments, “This partnership gives lenders the ability to accurately score and lend to an additional 64 million consumers in the U.S. alone, with unprecedented accuracy and speed. The end-to-end, customizable nature of Inovatec Systems’ LOS makes it a perfect partner for Trust Science and our API-based scoring solution.”
Uh Oh, compliance:
On June 21, the Financial Action Task Force, or FATF, is expected to adopt a proposal that could have a big effect on the cryptocurrency world. FATF wants cryptocurrency exchanges to act like banks, collecting identifying information not only from its own customers, but also the people to whom these customers send cryptocurrency.
This seems to go against the very nature of electronic cash. Cash provides consumers with an information-light method of transacting. Want to protect your personal data in order to avoid identity theft and hackers? Use cash, either the paper or electronic version. But the moment all parties to a cash transaction must submit identifying information, all of cash’s data-shielding virtues are voided and it stops being cash.
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