Rapid Finance Extends Availability of API Service as New York’s Commercial Financing Disclosure Law Takes Effect
BETHESDA, Md.–(BUSINESS WIRE)–Rapid Enterprise, a division of Rapid Finance, an industry leader in delivering automated and scalable Lending-as-a-Service (LaaS) solutions to support the growth and success of small businesses, announced the availability of its SMB Disclosure Service, a standalone Software-as-a-Service (SaaS) Regtech module, to support business lenders and financing companies in complying with New York’s new commercial transaction disclosure requirements.
Following similar regulations from both California and Utah, New York is the latest state to pass its commercial financing disclosure law taking effect this month, including updated regulations to mandate standardized disclosures for commercial financings below a certain principal amount.
“These laws aim to safeguard and assist businesses in comprehending the intricacies of financing terms, and we recognize the challenges that commercial finance providers may face due to the introduction of new compliance requirements,” said Will Tumulty, CEO, Rapid Finance. “In response, we have created the SMB Disclosure Service to empower New York’s small business lenders and commercial financing companies with the necessary tools to efficiently generate compliant disclosure statements while meeting the financing needs of their customers.”
Organizations have the option to integrate their existing loan origination platforms with Rapid Finance’s SMB Disclosure API (application programming interface) or utilize a user interface to obtain the desired statements. Commercial finance providers simply submit their offer details and Rapid Finance returns the disclosures in either HTML or PDF format (including calculated APR and fees) that can then easily be provided to the borrower. As more and more states come out with regulations for SMB financing, leveraging Rapid’s API/ User interface will enable lenders to stay on top of these regulations. It will enable enterprises to focus on building their customer relationships without having to worry about staying compliant. With Florida and Georgia slated for a rollout in Jan of 2024 and Connecticut next summer. Legislatures in a number of other states are considering or recently considered adopting similar legislation. With Rapid’s competitive pricing structure and expert team adapting the tool to new states as they come in, this is a tool that could benefit several lenders to continue financing their SMB customers without interruption.
The SMB Disclosure Service is an offering from Rapid Enterprise, the company’s business segment focused on providing LaaS solutions, technology consulting and custom development offerings to help enterprises accelerate their growth. Rapid Finance’s team is proactively monitoring additional state regulations in this space and will continue to add new states as similar laws come into effect. To learn more, contact [email protected].
About Rapid Finance/Rapid Enterprise
Since 2005, Rapid Finance has been supporting the growth and success of small businesses across the U.S. Powered by a thoughtful combination of technology, speed and deep industry expertise, the Rapid Enterprise business line provides Lending-as-a-Service solutions to enterprise clients. With modular, flexible and scalable financial solutions, Rapid Enterprise solutions are customized to our enterprise partners’ needs. Learn more at https://enterprise.rapidfinance.com/.
Contacts
Augusta Bauknight
For Rapid Finance
678-781-7214
[email protected]
Alex Arango
For Rapid Finance
678-781-2333
[email protected]
