API Enables Partners to Meet Increasing Demand from Small Businesses Nationwide
NEW YORK, Jan. 10, 2012
NEW YORK , Jan. 10, 2012 /PRNewswire/ — On Deck the technology platform that connects Main Street directly to capital, announced today the availability of their Application Programming Interface (API) Version 1.0. This gives banks, online service providers to small businesses, and the over 800 On Deck Funding Advisor partners integrated access to the On Deck platform, which includes their powerful credit decision and application submission system. Through the API, these third parties can now incorporate On Deck's loan origination and credit scoring functionality into their own software applications, bringing increased efficiency to the small business lending process without adding additional steps to the workflow or user experience.
The initial version of the On Deck API supports two primary functions: credit pre-qualifications and application submission. Credit pre-qualification allows banks and other financial services firms to instantly screen their clients to determine if they are a fit for a short term business loan and how much capital they qualify for. This creates an important tool for banks whose primary product may not serve Main Street business owners, but who want a solution to meet the business' capital requirements.
The second function allows third parties to submit loan applications directly from their own Customer Relationship Management (CRM) systems or online portals, eliminating multiple data entry steps and redundant entry of small business information. Additionally, the On Deck API makes customer interactions more productive by enabling immediate pre-qualification and application submission.
“Small business lending options are notoriously difficult to navigate for small business owners and those who help them obtain financing,” said Noah Breslow , chief operating officer, On Deck. “We launched this API to make it easier for our partners to leverage the On Deck platform to supply financing to their customers. We are committed to helping solve the problems on Main Street through technology – ultimately making it easy for underserved small businesses to receive the capital they need in a highly efficient manner.”
Lendio, a leading online service that matches small business owners with lenders, is currently leveraging the On Deck API to instantly pre-qualify and match business owners with On Deck. “Lendio saves business owners time and effort by providing a fast and accurate match with prospective lenders,” said Levi King , president, Lendio. “The On Deck API allows us to quickly and accurately gauge which of our users are the best candidates for On Deck financing.”
On Deck's API is built according to industry practices for third-party web services. Sample code, developer support and implementation guides are supplied to all partners granted access to the API. For new or existing On Deck partners that want to learn more about the On Deck API, please visit ondeckcapital.com/api or email .
About On Deck
Launched in 2006, On Deck Capital uses data aggregation and electronic payment technology to evaluate the financial health of small businesses and to efficiently deliver capital to a market underserved by traditional bank loans. Through the On Deck Capital platform, millions of small businesses can obtain affordable loans to meet their daily operating and long term goals. The company's proprietary platform looks deeper into the health of small businesses, focusing on the overall business performance, rather than the owner's personal credit history. The On Deck system also provides a critically needed mechanism for commercial institutions to efficiently reach and serve the historically underserved Main Street small businesses market.
On Deck Capital is financed by some of the nation's leading venture capital firms, including SAP Ventures, Contour Venture Partners, First Round Capital, Khosla Ventures, RRE Ventures and Village Ventures. For more information, please visit: www.ondeckcapital.com.
SOURCE On Deck