Abu Dhabi – Mubasher: The National Bank of Ras Al Khaimah (RAKBANK) teamed up with Magnati to launch an advanced merchant financing platform, according to a press release.
SME merchants will access credit facilities through RAKBANK by leveraging real-time point of sale (POS) transaction data translated into decision metrics for effective underwriting decisions.
The platform provides additional services, such as business loans, invoice financing, equipment financing, POS financing, receivables financing, and insurance, among others.
RAKBANK deploys the platform’s real-time merchant financial insights to underwrite loans quickly and accurately, securing faster credit access for SMEs and supporting long-term business sustainability.
Ramana Kumar, CEO of Magnati, said: “Through this partnership, we can offer faster, more streamlined access to financial services through our platform that will enable businesses to succeed.”
“The platform enables banks and financial institutions to underwrite based on proactive intelligence generated on transaction data created by Magnati,” Kumar added.
Dhiraj Kunwar, Managing Director of Business Banking at RAKBANK, highlighted: "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."
In August, RAKBANK and Bitpanda Technology Solutions collaborated to provide solutions to unlock digital assets in the UAE.
