August 14, 2024: Newgen Software, a global provider of low-code platform with a focus on banking solutions, announced its partnership with BeSmartee, a premier lendtech solutions provider. The robust integration between Newgen’s Commercial Loan Origination Solution (CLOS) and BeSmartee’s commercial lending product, FlashSpread’s advanced data extraction technology will enhance operational agility for lenders and enable faster decisioning and loan disbursements.
The collaboration harnesses Newgen’s over 30 years of expertise in modernizing banking and financial services, addressing industry-specific requirements. Meanwhile, FlashSpread is well-known for significantly enhancing financial reporting by converting scanned tax returns and financial statements into comprehensive reports with minimal human involvement.
Leveraging FlashSpread’s data extraction capabilities, Newgen’s CLOS will automate data capture from tax returns and financial statements, saving hours of work for underwriters. Additionally, the automated data capture with intuitive verification process will also minimize errors in data entry. This partnership will significantly minimize underwriting time and enrich the experience of customers and lenders.
“With Newgen’s prowess in delivering banking solutions with end-to-end automation and BeSmartee’s commercial lending product FlashSpread’s automated spreading, our customers will eliminate paperwork and manual entry, transforming the lending process. Together, we’re empowering financial institutions and borrowers to usher in the new era of frictionless lending experience,” said Ariel Trybuch, VP of Strategic Partnerships at BeSmartee and founder of the FlashSpread product.
Anand Raman, EVP and COO at Newgen Software Inc., said, “This collaboration between FlashSpread and Newgen marks a significant step in demonstrating our mutual commitment to providing cutting-edge lending solutions to financial institutions and credit unions. Through this integration, lenders will be empowered to make quicker data-driven credit decisions, enhancing operational efficiency across a diverse range of loan types.”
About BeSmartee
Founded in 2007, BeSmartee powers $25B+ in digital lending transactions every month for some of the world’s largest financial institutions by delivering on its promise to always provide powerfully simple lending innovations and expertise. BeSmartee’s digital lending solutions use the automation of data and processes to achieve maximum operational efficiencies and competitive advantages for mortgage and commercial lenders. The company remains focused on its vision to digitize every loan in every country in the world. Partner with BeSmartee and join 150+ lenders who rely on us to achieve a modern lending experience. Visit www.besmartee.com to learn more.
About FlashSpread by BeSmartee
FlashSpread, acquired by BeSmartee in 2021, is recognized as the gold standard in financial data automation. This innovative platform excels in the extraction, organization, and analysis of financial statements, providing users with precise and comprehensive financial insights. By leveraging advanced technology, FlashSpread automates the traditionally labor-intensive financial spreading process, enabling faster and more accurate data processing.
About Newgen Software Inc.
Newgen is the leading provider of banking solutions built on a unified digital transformation platform with native process automation, content services, communication management, and AI/ML. From onboarding to service requests, lending to collections, and many use cases across industries, Newgen unlocks simple with speed and agility. Globally, successful enterprises rely on Newgen’s industry-recognized low-code application platform to develop and deploy complex, content-driven, and customer-engaging business applications.
