In a New Zealand banking first, Kiwibank has launched Fast Capital, a digital platform that enables automated decision-making for lending to companies.
By linking Xero or MYOB AccountRight company accounting data to Kiwibank, companies can apply for up to $100,000 of capital for a business overdraft, a business loan or even a credit card and get a decision in just five minutes.
Kiwibank General Manager for Product Nicole Pervan says: “This online automated application and decision process provides Kiwi businesses with a quick and painless borrowing experience. It drastically reduces the time spent by both the borrower and the lender in assessing and approving an application.
“In comparison the time it takes to get a credit decision through a normal process can be five or six working days. We know time spent dealing with bank administration is a point of frustration for many businesses so it’s great to deliver an innovative solution so businesses can focus on other priorities.