Abrigo buys BankLabs solutions to support lenders

Compliance, credit risk and lending solutions provider Shelter bought Bank Labs‘ Build and + Pay loan administration and financing solutions.

With this acquisition, Abrigo now has an end-to-end construction origination, management and administration platform that allows construction lenders to accelerate their financing, BankLabs said in an Aug. 15 statement. Press release.

“With BankLabs, we have found a partner who has produced a robust loan administration tool, developed to cover all types of commercial and residential construction loans and types of borrowers,” said Abrigo CEO . Wayne Robert.

Abrigo’s integrated loan origination and construction administration suite provides loan officers with real-time reporting, alerts and detailed audit trails, while +Pay manages the construction payment process for any company that pays contractors, as per version.

BankLabs launched the +Pay product in February 2018, saying it would integrate with Construct and enable automation of payment flows between builders and contractors, improving transparency and removing the need for paper.

Read more: BankLabs launches +Pay to speed up payments

“The transition from Construct and +Pay to Abrigo will provide even more efficiency and interest income to our lenders,” said the president and co-founder of BankLabs. Matt Johner said in the release announcing the recent acquisition. “Abrigo’s technical and product investments will extend the business functionality, integration points and user experiences of these products.

For financial institutions to take advantage of opportunities to gain a competitive advantage, they must adopt virtual tools that can alleviate friction for customers, drive adoption of more banking products, and deliver a better banking experience from the start, Abrigo Vice President of Client Services Nolan Gesher told PYMNTS in an April 2021 interview.

See also: The lasting effect of better business integration

“Community bankers continue to wake up [to] the need to be more digital, and they’re quickly becoming more digital,” Gesher said. “I think they’re starting to level the playing field with some of their bigger competitors.”

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