eProdigy Integrates Square and Stripe Into Its 1Workforce Direct Funding Platform

NEW YORK, Sept. 17, 2015 — eProdigy, a FinTech holding company serving the alternative lending space, is pleased to announce that it has integrated Square and Stripe, two rapidly expanding processors, into its lending platform.
By April of 2015, eProdigy had completed the integration of Quickbooks, PayPal and Authorize.net. With the addition of Square and Stripe, eProdigy gains two valuable new data feeds that aggregate merchant account information into its system in order to rapidly assess whether to underwrite a merchant cash advance based on the applicant’s propensity to repay.

This targeted use of specific Big Data sets helps funders decide with unprecedented speed and accuracy whether a merchant advance is an appropriate financing tool for the applicant. A company’s transactions processed by either Square or Stripe, indicate the volume, frequency and dollar level of incoming payments. This in turn informs the funding decision algorithm. Given the massive migration of small merchants in all categories to Square and Stripe, eProdigy’s aggregation of their information broadens the number of data sets that can be used for underwriting decisioning.

About eProdigy

eProdigy is a FinTech holding company serving the alternative finance industry by providing products, services and a lending platform through its subsidiary companies: Capital Stack, ACHCapital, ACHBanking, eProdigy Loans, and 1Workforce. In addition to providing small businesses with cash advances and originating loans, the company makes its technology enabled financial and servicing platforms available to ISOs and other funders. Capital Stack is also the co-founder and 50% owner of DailyFunder, an online forum and publication that covers the alternative finance industry.

eProdigy CEO David Rubin notes, “Short term advances call for systems that are as dynamic as the businesses they are funding. These data sources rapidly provide a highly granular image of the applicant’s business cash flows, and they allow us to move quickly to a decision, whether “yes” or “no.” And as we broaden our ability to analyze different data sets, this in turn enables us to throw our net out to a wider range of businesses. Our ideal is a 5-minute paperless decision, and our technology’s role is to crunch more data points in an instant, than a daunting and protracted paper application ever could.”

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eProdigy’s ACHBanking, a Processor Serving the Alternative Lending Industry, Is Now Available as an iPhone Mobile App

 

NEW YORK, Aug. 26, 2015 – eProdigy, a FinTech holding company serving the alternative lending space, is pleased to announce that its ACHBanking Processing Gateway app for iOS, already available on Android, has now been approved by Apple and is available for download by iPhone users via iTunes.
The platform, which provides funders, merchants and Independent Service Providers (ISOs) a remittance gateway to initiate and manage transactions, and integrates with company APIs (Application Programming Interfaces), can now be used on the move. Comments David Rubin, CEO of eProdigy, “This mobile app enables funders to manage their full portfolio, including viewing overall portfolio behavior and managing transactions. For merchants, it provides a mobile banking capability, whether to view the full lifecycle of the funds advanced, or initiate a payment on the go.”

eProdigy’s ACHBanking is a platform that provides payments and processing rails designed to meet the specific needs of alternative funders. Most processors and banks have a limited understand of the unique processing needs of the alternative finance business, and are not equipped to manage multiple transactions or provide real time settlements, next day availability of funds or remittances. eProdigy has been a first mover in providing other funders and their merchants a processing capability designed to both meet these needs and bring down costs and risks inherent to each transaction. ACHBanking is integrated into eProdigy’s proprietary 1Workforce funding lifecycle platform, but is available to other funders whether or not they use 1Workforce.

About eProdigy

eProdigy is a FinTech holding company serving the alternative finance industry by providing products, services and a lending platform through its subsidiary companies: Capital Stack, ACHCapital, ACHBanking, eProdigy Loans, and 1Workforce. In addition to providing small businesses with cash advances and originating loans, the company makes its technology enabled financial and servicing platforms available to ISOs and other funders. Capital Stack is also the co-founder and 50% owner of DailyFunder, an online forum and publication that covers the alternative finance industry.

For more information, please visit http://www.e-prodigy.com.

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Christopher Keane Moves to eProdigy, is Named Director of Underwriting

 

NEW YORK, Aug. 13, 2015 — eProdigy LLC, a FinTech holding company specializing in alternative lending, has appointed Christopher Keane as Director of Underwriting. Prior positions include 15 years at First Data, where as Director of Underwriting, he was responsible for the processing of approximately twenty-five thousand new merchant bankcard applications monthly.
With that experience in back-end risk management and front-end underwriting, he brings to eProdigy a deep understanding of the procedures, policies and best practices needed to sustainably scale eProdigy’s Merchant Cash Advance business. In turn, this will optimize eProdigy’s underwriting decisioning performance beyond its cutting-edge lifecycle management platform, 1Workforce, to accelerate applications that should qualify and filter out those that shouldn’t.

David Rubin, CEO of eProdigy, comments: “Chris is the latest addition to the formidable and world-class management team we have been quietly assembling at eProdigy, and we’re delighted to have him. Coming from the merchant card space, his experience growing that business has a direct correlation to the alternative lending industry, providing us with a deep capability to optimize approvals for top line revenue while nurturing risk management strategies that keep losses at a tolerable rate.”

Notes Keane: “This is the perfect time to join eProdogy. The company is at that cusp where with the right balance of acceleration and controls, and given massive demand for alternative finance products, it can scale both massively and prosperously. The balancing act is to increase revenues and manage losses, and eProdigy is at a mature enough stage to recognize this.”

“You can write a million loans, but at a certain point losses can materialize, making you unprofitable or worse, obsolete,” agrees Rubin. “We believe that Chris will drive our expansion with lower-risk and higher quality revenue.”

“1Workforce creates a pipeline that wouldn’t otherwise come eProdigy’s way,” agrees David Rubin. “We believe it will drive a significant portion of our future business, while providing other funders the opportunity to considerably streamline and speed up their own underwriting. Those funders who have rightly put their trust eProdigy using 1Workforce, have been able to reap the rewards of utilizing our system.”

About eProdigy

eProdigy is a FinTech holding company serving the alternative finance industry by providing products, services and a lending platform through its subsidiary companies: Capital Stack, ACHCapital, eProdigyACH DBA ACHBanking, eProdigy Loans, and 1Workforce. In addition to providing small businesses with cash advances and originating loans, the company makes its technology enabled financial and servicing platforms available to ISOs and other funders. Capital Stack is also the co-founder and 50% owner of DailyFunder, an online forum and publication that covers the alternative finance industry.

For more information, please visit http://www.e-prodigy.com.

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Tom Nix Joins eProdigy as Director of Platform Sales

New York, NY — eProdigy LLC, a FinTech holding company specializing in alternative finance, has appointed Tom Nix as Director of Platform Sales. His focus will be on eProdigy’s innovative platforms, ACHBanking and 1Workforce.
Mr. Nix, whose intensive IT background includes more than two decades at IBM, NCR and HP where he held various national and area sales management positions. He also played a leading role in building the very successful merchant services business with PayProTec. His merchant cash advance experience has been broad as well. Tom served as the Director of Business Development at NextWave Funding and the Director of Sales at PSC, an MCA Software and Servicing company.

David Rubin, CEO of eProdigy, comments: “Having a technology executive of the caliber of Tom Nix is a major asset for eProdigy. We’ve been assembling a world-class management team, and now, with Tom on board, we’ll have the full range of marketing and tech capability, not to mention his encyclopedic industry contacts, to match and support it.”

Adds Tom Nix: “I feel that eProdigy—both through 1Workforce and ACHBanking, is filling a major gap in the alternative finance industry.” ACHBanking is eProdigy’s proprietary processing facility that deeply understands the processing needs of the space. 1Workforce is a seamless, end-to-end platform that provides users with the ability to manage accounts from application to renewal or remittance.

He adds, “1Workforce creates the kind of synergy that brings other alternative funders to eProdigy. It’s an all-encompassing system that provides complete transparency. It can be used from the brokerage floor to their ISO base to syndication to full funding, managing funder pools, static pools, across the lifecycle of the cash advance. There are plenty of other platforms out there, but none of them comes close to 1Workforce’s capabilities, which can go from broker to funder all in the same system. eProdigy has figured out how to integrate all of these functions into one complete system.”

“1Workforce creates a pipeline that wouldn’t otherwise come eProdigy’s way,” agrees David Rubin. “We believe it will drive a significant portion of our future business, while providing other funders the opportunity to considerably streamline and speed up their own underwriting. Those funders who have rightly put their trust eProdigy using 1Workforce, have been able to reap the rewards of utilizing our system.”

About eProdigy

eProdigy is a FinTech holding company serving the alternative finance industry by providing products, services and a lending platform through its subsidiary companies: Capital Stack, ACHCapital, eProdigyACH DBA ACHBanking, eProdigy Loans, and 1Workforce. In addition to providing small businesses with cash advances and originating loans, the company makes its technology enabled financial and servicing platforms available to ISOs and other funders. Capital Stack is also the co-founder and 50% owner of DailyFunder, an online forum and publication that covers the alternative finance industry.

For more information, please visit http://www.e-prodigy.com.

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ACHBanking, a Subsidiary of eProdigy, Integrates OFAC standards into its ACH Platform

 

New York, NY — ACHBanking, a subsidiary of FinTech holding company, eProdigy, announced today that it has integrated OFAC (Office of Foreign Assets Control) standards into its platform, effective immediately.
The integration enables ACHBanking to comply with regulations designed to monitor, screen and prevent the movement of funds between entities on a watch list, or suspected of being involved in illegal activities. In the wake of the U.S. Treasury Department’s fine imposed on PayPal in March of 2015 for enabling payments to be processed to or from entities on the OFAC watch list, alternative funding companies like eProdigy have sought to further refine their processes by prescreening applicants against the list. This layer of compliance is the latest addition to eProdigy’s use of technology to simplify electronic transactions going through its systems and ensure their legitimacy. The OFAC integration goes directly to its ACHBanking platform, which checks against or “scrubs” for matches. The system automatically prevents a payer or payee from being created and it disallows particular transactions where a match was identified, from ending up in a batch feed that goes to the bank and NACHA.

eProdigy CEO David Rubin notes, “As we continue to improve processes in our relatively young, alternative finance industry, it has become a matter of security to factor in compliance issues such as OFAC. The recent PayPal case reminds us that the U.S. is a big country with a lot of possible loopholes. To me this further
demonstrates that technology can go beyond speeding up transactions, to helping us stop potentially dangerous payments to or from a given entity. Checking applications against the OFAC watch list helps close some loopholes, bringing it into the realm of playing a role in the nation’s security.”

About eProdigy

eProdigy is a FinTech holding company serving the alternative lending industry by providing products, services and a lending platform through its subsidiary companies, Capital Stack, ACH Capital, eProdigyACH DBA ACHBanking, eProdigy Loans, and 1Workforce. In addition to originating loans and cash advances, the company makes its platform available to ISOs and other funders. Capital Stack is also the cofounder and 50% owner of DailyFunder, an online forum and publication that covers the alternative finance industry.

For more information, please visit http://www.e-prodigy.com.

Download PressRelease.pdf