Turn Merchant Application forms from ISOs into structured data in seconds

For the past 3 years, Heron has been focused on making it easier for small business lenders to make sense of bank data through bank statement parsing and cash flow analytics.

Our customers tell us that they want to:

1. Fund good deals faster: Expedite offer-worthy files through the underwriting process to decrease time to offer, increase acceptance rates, and fund more good deals
2. Scrap the bad deals instantly: Get to an immediate no so money is not wasted on further due diligence for deals that don’t fit within their credit box

We are broadening our focus from just enriching bank data to enriching entire loan applications, to help customers get from loan application to decision in less than 5 minutes.

As the first step in this journey, we’re excited to announce the launch of our ISO application parser – an API which enables any Funder receiving a deal packet from an ISO/Broker to convert the application form into structured data in seconds, using ML to achieve high accuracy at a low cost.

Time to offer

ISO merchant applications contain critical information that small business lenders need to make an offer like business name, address, state, years in business, etc. but getting that information via manual entry takes time. Queues of applications can build up over holidays, overnight, or at busy periods which kill time-to-offer – it’s impossible to understand the merits of an application without ingesting the information from this form. We all know that reducing time-to-offer is one of clearest ways to improve acceptance rates on fundworthy deals. 

Automation

Why spend underwriter time on deals that won’t qualify for your credit box? You know the states and industries you fund. You know your minimum time in business. You know the number of positions you are comfortable with. Why not reach this conclusion before showing the file to an underwriter? By parsing the application form upfront, Lenders can run checks to screen out applicants who don’t have a hope of being funded while minimising the number of times a human has to intervene in a file before funding.

Price

As well as being slow and accident-prone, humans are expensive. Leverage our cutting edge machine-learning and AI, and let people focus on the tasks that only they can do.

Get in touch to book a demo!