Banking technology provider Phoenix International has expanded its solutions to include a new loan origination product, described as an end-to-end digital loan application and disbursement process.

Phoenix Systems was acquired by Jamaica National subsidiary MC Systems in the second quarter of 2021. Its focus is on technology which makes lending and transactional processes more efficient, JN indicated at the time of purchase.

The new platform is being offered to lending institutions with its technology provider stating that it can be leveraged to respond to the growing demand for digital services in Latin America and the Caribbean. The offering was made possible through a partnership with automated lending company Loan Cirrus. The structure and value of the deal were not shared.

Phoenix International is a cloud banking platform offered by MC Systems — the technology member company of Jamaica National Group.

Its other stack banking solutions include mobile wallets, remittance integrations, ATM and point-of-sale solutions. The company currently serves customers in the UK, North America, Caribbean, Latin America, and Africa.

The new platform offers financial institutions with end-to-end digital loan application and disbursement management, which in turn reduces loan processing delays and eliminates the need for customers to visit a branch, it is claimed.

Phoenix is also promising that utilising the platform will “allow consumers to access the most suitable lending products. Adoption of the service will improve the convenience of financial institutions to their customers, especially given the demand for user-friendly and easy customer experience.

“The addition of a loan origination module makes it easier for Phoenix International customers to improve their customer experience and drive additional value. Phoenix International is committed to increasing the adoption of fintech solutions in emerging markets, to drive financial inclusion,” said Dmitri Dawkins, commercial director for Phoenix International.

“Loan origination also allows us to help institutions to immediately improve their digital customer experience, while we help implement a long-term digital transformation strategy,” he noted.

Loan Cirrus CEO Michael Claire commented, “With the integration of our modern, API-based capabilities with Phoenix International core banking solution, together, these powerful technologies stand ready to help accelerate digital collaboration and transformation for our clients.”

Claire added, “This is a mutually beneficial offering. The customer gets more automation, more power, more reach, and more flexibility. These are essential for the road ahead. For financial institutions, this is timely. The greatest technological disruption is expected to happen in the financial services industry, this partnership therefore, provides a stable transition support without having to compromise on the latest technologies that businesses need to remain relevant and competitive,” he stated.