CIBC Bank USA has selected Velocity Solutions’ digital lending platform to support its small business banking division.
As agreed, the lender will utilise Akouba’s small business loan origination platform. The use of this cloud-based SaaS platform is expected to reduce loan origination risks as well as trim associated costs.
Additionally, CIBC Bank USA will continue to retain control over approvals, pricing, the credit policy and the risk metrics among others.
Velocity Solutions Product Management EVP Mike Triggiano said: “We’ve made tremendous progress with the platform since we acquired Akouba in June 2018.
“We’re continually refining the platform and adding new features and functionality. It’s been a thrill to enhance Akouba’s industry-leading technology over the past two years, and the opportunity to add CIBC Bank USA to our growing list of clients is definitely one of the most exciting milestones in Akouba’s history to date.”
CIBC Bank USA Retail and Digital Banking president, and US Strategy and Administration head Brant Ahrens said: “At CIBC, we are building an innovative, relationship-focused bank.
“Akouba gives our small business clients the ability to seek financing on any device at any time in any place that is convenient for them.
“Combining the flexibility of Akouba with the insight and expertise of our relationship bankers positions CIBC to help our clients make their ambitions a reality.”