News From the Wire

16:30:55 (UTC) 07-14-2025

Alchemy Pay receives money transfer license approval in South Carolina

16:29:09 (UTC) 07-14-2025

AEON Pay now supports crypto checkout in Nigeria

16:27:45 (UTC) 07-14-2025

Flowhub launches POS-native ecommerce solution

16:26:41 (UTC) 07-14-2025

Abound Credit Union picks Jack Henry for technology modernization

16:25:30 (UTC) 07-14-2025

Atlas adds 'all of the stablecoins' to its multi-currency banking product

16:24:14 (UTC) 07-14-2025

Zelle® accelerates community bank, credit union adoption

16:23:12 (UTC) 07-14-2025

JustPaid unveils AI-powered innovations for finance automation

16:21:38 (UTC) 07-14-2025

OKX joins Global Dollar Network alongside Worldpay, Kraken, 30+ more leaders



News from the Wire

Rapid Finance releases AI tool to slash loan application processing times

Tuesday, June 17, 2025 — 15:58:02 (UTC)

BETHESDA, Md.--(BUSINESS WIRE)--Rapid Finance, a leader in small business financing and enterprise lending solutions, today announced the launch of SPADE (Smart Processing and Data Extraction), a powerful AI-driven module integrated into its flagship data automation platform, Lynx. Designed to automate and accelerate loan processing, SPADE cuts document processing time by over 95%, enabling financial institutions to serve small business clients with speed and precision.

SPADE leverages advanced machine learning to extract key data from complex, inconsistent and handwritten loan applications submitted in PDF format. Manual processing is often labor-intensive, taking almost 20 minutes or more per application. With SPADE, this process takes as little as 20 seconds, delivering faster service to lenders and their small business customers.

“Small businesses are the heartbeat of our economy, and they deserve a lending process that moves at the speed of their ambition,” said Will Tumulty, CEO of Rapid Finance. “With SPADE and Lynx working together, we’re giving our partners the tools to process applications faster, more accurately, and with less overhead, ultimately transforming how they serve their business banking customers.”

In addition to fast data extraction, SPADE offers smart features like automatic document classification, with upcoming capabilities such as company social media sentiment analysis. Fully configurable and extensible, SPADE enhances the already robust Lynx platform by turning unstructured documents into decision-ready data in real time.

SPADE consistently matched or exceeded human-level accuracy during internal testing, processing most documents in 15–20 seconds. This performance empowers lenders to significantly scale operations without compromising precision or compliance. As a native module within Lynx, Rapid Finance’s end-to-end data automation platform, SPADE seamlessly plugs into existing workflows. Lynx enables institutions to ingest, validate, enrich and review applicant data in real time, making smarter, faster decisions.

About Rapid Finance

Since 2005, Rapid Finance has been helping small businesses thrive by providing fast, flexible, and technology-driven financing solutions. Through its scalable Lending-as-a-Service platforms, Rapid Finance empowers both small businesses and enterprise partners. Learn more at www.rapidfinance.com.

Notice to readers: These are archived articles. Contact information, links and other details may be out of date. We regret any inconvenience.

Source: Company press release.

Categories: New Product

skyscraper ad