Sageworks Opens API Network
Raleigh, N.C., November 29, 2017 — Sageworks, a Raleigh, N.C., headquartered firm that offers lending, credit risk and portfolio risk solutions to U.S. banks and credit unions announced the introduction of its API Network.
More than 1,100 institutions use Sageworks throughout the life of the loan, and with this enhancement, institutions can bridge Sageworks with other software applications that the bank may use and gain easy access to data for internal analysis. The API Network will allow bankers to save time, eliminate data entry into multiple systems, increase data quality and availability for better decision making and customize their Sageworks experience to fit the institution’s setup.
Sageworks has always connected to a host of core family systems, economic databases, pricing indices and credit bureaus. The API Network, however, now opens up availability to any system with an API, or application programming interface, technology.
Recent additions to the API network include loan documentation through Compliance System Inc. (CSi), customer relationship management from Salesforce.com and loan boarding back to banking core systems.
“We typically see banks have to jump between programs for spreading, doc prep, the core, etc., and all that duplicative data entry is a drain on resources and responsiveness to borrowers. With the API Network, we can bring all of this information into a central, digital location and help our bankers build a comprehensive view of the loan and relationship within Sageworks,” explained Sageworks CEO Scott Ogle. “The API Network gives institutions the flexibility to customize Sageworks to fit their existing technology infrastructure and process rather than force them into a certain workflow,” he continued.
New APIs can be incorporated into the Network, and existing users of Sageworks are encouraged to contact Sageworks about the availability or status of specific connections. Furthermore, other software vendors that offer related solutions may contact the firm regarding their ability to connect to Sageworks for one or two-way data flows.
Information from Sageworks may include but is not limited to data on prospective and current borrowers, financial performance, rent rolls, projections, spreads, ticklers, covenants, credit scores or probabilities of default, risk ratings, portfolio loss rates, impairments, CECL calculations, average life estimations and workflows.
Sageworks offers banks and credit unions lending, credit risk and portfolio risk software to efficiently grow and improve the borrower experience. By automating the life of the loan with Sageworks, bankers book commercial loans faster and reduce risk. Sageworks uniquely provides integrated solutions and industry expertise to more than 1,100 financial institutions that achieve an average 38% higher loan growth than peers. Visit www.sageworks.com to learn more.