Sunday, May 19, 2024

Lama AI joins Mastercard Engage Partner Program for Commercial Lending

Lama AI joins Mastercard Engage Partner Program for Commercial Lending

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Lama AI has announced that it will join the Mastercard Engage Partner Program, which makes it simple for partners to build, launch and grow payment solutions for Mastercard’s global network of customers and accelerate time to market for product innovation. Mastercard Engage partners contribute different components and integration capabilities to enable seamless payment experiences. Lama AI focuses on supporting banks in digitizing and automating their lending practices, utilizing Mastercard Installments.

Small and medium businesses represent approximately 90% of enterprises, contributing to over 50% of employment and serving as significant contributors to the global GDP. However, this significant segment has encountered challenges in securing financial credit lines with traditional financial institutions. Lama AI aims to bridge this gap by supporting banks and credit unions in unlocking the potential of this asset class.

By leveraging the power of AI, big data, and network effects, Lama has set a new standard for both borrowers and lenders, streamlining the entire lending process to make it more user-friendly, efficient, and faster. The platform utilizes data sources and generative AI to significantly reduce application processing time and provide high quality data for automated credit decisioning.

As a Mastercard Engage partner, Lama AI connects to an ecosystem of partners to help launch a seamless, digital first installment lending experience through the Mastercard Installments program. This introduces scale, flexibility, and simplicity in the commercial lending space and facilitates a quicker market entry for banks, lenders, and fintechs all within a secure environment that relies on the added trust of Mastercard brand. As a qualified Engage partner, Lama AI is committed to providing financial institutions in the Mastercard network with the lending technology needed to seamlessly adapt AI-powered loan origination processes (LOS) and effortlessly launch targeted campaigns through integrated APIs.

“We are delighted to be part of the Mastercard Engage Partner Program and to contribute to unlocking the potential of artificial intelligence and big data for accelerated growth,” said Omri Yacubovich, Co-founder and CEO of Lama AI. “Our technology has already demonstrated to our bank partners that AI revolutionizes business lending. From onboarding to closing, Lama AI empowers financial institutions to transform their operations, reduce underwriting costs, enhance customer experiences, and accelerate growth winning back market share from alternative lenders.”