UAE Bank Rakbank has rolled out a new merchant financing platform aimed at SME merchants.

The new technology, developed by payment solutions provider Magnati, will enable SME merchants to access credit facilities through Rakbank by using real-time Point of Sale (POS) transaction data translated into decision metrics, seeking to improve its underwriting solutions capabilities.

Rakbank will use the platform's real-time financial information with the aim of improving the accuracy of its loans underwriting capabilities, seeking to ensure faster access to credit for SMEs for a long-term and more sustainable support, the bank said.

The platform features additional services including business loans, invoice financing, equipment financing, POS financing, receivables financing, and insurance, aiming to facilitate SMEs’ financial needs more efficiently.

Magnati's loan application process also allows merchants to have their repayments automatically deducted from daily payments.

“Our partnership with Magnati is designed to offer SMEs seamless access to funding and essential financial services,” said Dhiraj Kunwar, managing director of business banking at Rakbank. “By leveraging real-time data, we are able to make faster, better informed lending decisions, helping businesses unlock new opportunities and achieve long-term success."

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