- CMA issues directions to the Co-operative Bank regarding current account charges
- Commonwealth Bank of Australia’s chairman to retire
- Consumers have missed out due to a broken banking market, says TSB
- Cash still king but crown is slipping, says UK Finance
- Oracle launches banking liquidity management and corporate lending solutions
- Barclays appoints new CEO of Barclaycard
- HSBC and IBM develop cognitive intelligence solution to digitise global trade expired
- Lloyds Banking Group changes new-build lending policy expired
- KyberNetwork introduces decentralised exchange for cryptocurrencies expired
- The EBA updates data used for the identification of G-SIIs expired
- UK mortgage arrears and possessions fall again in Q2 expired
- GreenKey awarded patent for speech-to-text engine for financial markets expired
16th June 2017
ArchOver partners with Escalate to offer secure loans to the SME market
Peer-to-peer (P2P) business lending platform ArchOver is to partner with Escalate, a fixed-cost commercial dispute resolution service for SMEs. The partnership will enhance ArchOver’s ability to provide secure loans to the SME market, helping borrowers to bring in disputed payments and enhancing security for lenders as a result.
Escalate’s rapid no-win no-fee dispute resolution will enable ArchOver to recover any contested assets used as security for loans over the ArchOver platform. Escalate will ensure that lenders on the platform are protected by ensuring contested debts are paid and repayments can be made on time, working in tandem with ArchOver’s insurance partner firm Coface and the company’s all-asset charge on borrower assets.
Borrowers who don’t have time to chase down their disputed debts will also benefit from Escalate’s resolution service by using it to recover invoices that could be used for additional security. This will ultimately increase the amount they are able to borrow.
“Within the SME market, all sorts of debt tends to be written off due to the time and money it takes to chase debtors down,” said Ian Anderson, ArchOver COO. “With Escalate on board, we will now be able to help SMEs to recover that debt, managing their cash flow and increasing their ability to access essential funding as a result. Combining our monthly monitoring and insurance policies with Escalate’s dispute resolution will also enable us to provide that extra level of assurance for our lenders.”