IRVING, Texas, May 07, 2018 (GLOBE NEWSWIRE) -- Exela Technologies, Inc., a global business process automation (BPA) leader, today announced the launch of Zuma, a cloud-based rapid integration multi-industry lending platform. The platform will support both traditional and alternative asset classes, as well as alternative sources of lending. Zuma will debut with a live demonstration on Tuesday, May 8, 2018, 9:30 a.m. PDT at Finovate Spring 2018, a global, invite-only fintech conference.
Zuma was initially developed to address the large and underserved invoice lending market for businesses, which has been hampered by high underwriting costs. The invoice financing platform allows banks to automate their underwriting processes so that they can create accounts receivable-based lending solutions to compete in the approximately $3 trillion factoring market. Since initial development, Zuma has expanded to cover additional borrowing sectors including mortgages, personal and government-sponsored loans, and auto loans thus enabling other, non-traditional investors such as institutional investors to match their risk and sectors profiles against the desired sector and participate in the lending marketplace. Zuma is a natural expansion for Exela, with Exela’s platforms helping to enable billions of dollars of loans.
As a white-labeled product, Zuma seamlessly and rapidly integrates with a lender’s existing backend lending system. When coupled with Exela’s BPA suite, Zuma will also support:
- Automated risk scoring and underwriting based on existing bank lending guidelines
- Exception resolution, including direct client engagement when loan packages are incomplete
- Data retrieval and entry from existing client accounting systems, such as QuickBooks
“We are excited to launch and demonstrate the Zuma platform at Finovate Spring, and to show conference participants and customers how our technology can help automate underwriting processes,” said Ron Cogburn, CEO Exela Technologies. “Our team will continue to explore new technology-enabled solutions that improve the lives of our customers, and work to automate business processes.”
Exela Technologies, Inc. (“Exela”) is a global business process automation ("BPA") leader combining industry-specific and industry-agnostic enterprise software and solutions with decades of experience. Our BPA suite of solutions are deployed in banking, healthcare, insurance and other industries to support mission critical environments. Exela is a leader in work flow automation, attended and un-attended cognitive automation, digital mail rooms, print communications, and payment processing with deployments across the globe.
Exela partners with customers to improve user experience and quality through operational efficiency. Exela serves over 3,500 customers through a secure, cloud-enabled global delivery model. We are 22,000 employees strong at nearly 1,100 onsite client facilities and 150 delivery centers located throughout the Americas, Europe and Asia. Our client list includes 60% of the Fortune® 100, along with many of the world’s largest retail chains, banks, law firms, healthcare insurance payers and providers and telecom companies. Find out more at www.exelatech.com.