LITTLE ROCK - SunTrust Credit Corp. said Monday that it is using credit decision software from eCredit.com of Dedham, Mass., to automate approval of small-business financing and lines of credit.
The software is meant to shorten processing time from days to seconds for business loans of up to $75,000. By referencing outside information sources and using scorecards customized by SunTrust Credit, the commercial specialty finance subsidiary of SunTrust Banks Inc., the software automatically determines whether credit requests should be granted.
SunTrust credit analysts and loan officers can enter application information at their desktops; the data can then be processed directly rather than through a central processing site.
"In these volatile economic times, every financial institution needs the flexibility and processing power to closely manage its credit policy," said Scott Hastings, president and chief operating officer of SunTrust Credit.