- Fed Board terminates residential mortgage loan servicing actions against 10 banks, and fines five of them
- Authentication is PSD2’s principal weakness, says Arxan Technologies
- Nomura to transfer a part of its share management business to subsidiary
- Bank of America heads into New Year with record P2P growth
- PSD2 won’t offer immediate changes to how consumers bank, says Fidor
- Visa begins pilots of new biometric payment card
- Open Banking levels the playing field for SMEs, says Akoni expired
- Avaloq extends global leadership team with new members expired
- Merrill Lynch adds client-to-advisor texting to digital, mobile and social suite expired
- New banking malware can intercept SMS messages to steal sensitive data expired
- Research shows UK businesses are facing global freeze expired
- Nationwide asks prospective candidates to escape before they've been offered a job 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.”