Exela Technologies Launches New Invoice Financing Platform

Exela Technologies Inc (NASDAQ:XELA), a global business process automation leader announced the launch of Zuma, a cloud based rapid integration multi-industry lending platform.

The company said that 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 at Finovate Spring 2018 conference.

As quoted in the press release:

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.”

Click here for the full text release.