Glossary of Terms

Seamless Data Sharing

Definition

Seamless Data Sharing refers to the frictionless exchange of borrower information between financial institutions, loan origination systems (LOS), and AI-powered lending platforms to optimize decision-making, improve efficiency, and enhance borrower experience.

Why is it important to SBA Lending

The small business lending process is often fragmented, with borrower data siloed across multiple platforms. This leads to:
-Delays in loan approvals due to manual data transfers.
-Inconsistent borrower profiles, creating errors in underwriting.
-Increased compliance risks due to incomplete or outdated records.

By implementing Seamless Data Sharing, lenders can:
-Reduce manual input errors by automating data transfers.
-Enhance collaboration between financial institutions, credit bureaus, and government agencies.
-Improve borrower experience by minimizing redundant document requests.

What role does Parlay Play

Parlay’s Loan Intelligence System (LIS) integrates with LOS, third-party data providers, and compliance systems to:

-Automatically sync borrower data across platforms.
-Reduce redundant document requests by leveraging pre-existing financial records.
-Ensure real-time data accuracy, improving risk assessment and compliance.

By enabling Seamless Data Sharing, Parlay helps lenders accelerate approvals, reduce underwriting costs, and improve borrower trust.