Ascent Partners with MSU Federal Credit Union to Transform Business Lending

Innovative Loan Origination Add-On to Enhance Member Experience and Drive Portfolio Growth

NEW YORK, Feb. 27, 2024 /PRNewswire/ -- Ascent Platform Corporation, the leader in financial portability solutions for banks and credit unions, is pleased to announce its partnership with Michigan State University Federal Credit Union (MSUFCU) to revolutionize its business lending. Through a pilot partnership, MSUFCU will test Ascent's Loan Origination add-on for unsecured business loans and lines of credit, offering members a streamlined and efficient lending experience.

Ascent's platform provides a seamless digital application and approval process, leveraging third-party data to automatically populate applications and provide instant pre-approval or decline decisions in real-time. The platform also features an intuitive document collection portal and integrated instant messaging, facilitating communication and collaboration between borrowers and lenders.

This streamlined process brings numerous benefits to MSU Federal Credit Union (MSUFCU), including a decrease in application abandonment rates and a reduction in the time and effort expended by lenders and associates. Moreover, both members and MSUFCU stand to gain from the enhanced accuracy of data, which drives a more robust underwriting process, ultimately leading to better lending outcomes.

"Ascent is well positioned to sit on top of the systems we have, automate many of our manual processes, and augment the member experience," explained Ben Maxim, Chief Digital Strategy and Innovation Officer at MSUFCU. "Beyond business and commercial originations, we anticipate using Ascent for ongoing portfolio monitoring, which will allow us to approve business loans that we wouldn't have in the past."

The collaboration between Ascent and MSUFCU represents a significant advancement in the digitization of financial services. Ascent's platform enables financial institutions to securely share internal and external financial information, streamlining operations and improving efficiency. With its configurable add-on modules, Ascent empowers institutions to launch bespoke lending products, automate loan monitoring and renewals, and enhance regulatory compliance.

"MSUFCU is one of the most innovative financial institutions in the country; having them as both a client and investor through their CUSO Reseda Group, has enabled Ascent to mature our strategy more rapidly than we would have otherwise," said Arjun Sahgal, co-founder and CEO of Ascent. "Ben and the MSUFCU team have been real partners in fleshing out Loan Origination and our other add-on modules, and we are grateful for their expertise and continued commitment to Ascent's development."

About Ascent Platform
Ascent is the next-generation data platform that provides financial institutions with the tools and data sources required to service their customers or members. Ascent merges open banking sources with systems-of-record data to create a holistic view of customers or members, and enables institutions to deliver better banking experiences. Ascent can be deployed and connected to existing systems and applications. Additionally, to help banks and credit unions launch and gain immediate benefit from the platform, Ascent offers add-on modules that unlock value from loan origination and servicing systems. These highly configurable add-ons enable institutions to quickly launch bespoke lending products, automate loan monitoring and renewals, and eliminate wasted effort on internal and external audits. For more information, please visit ascentplatform.io.

About MSUFCU
Founded in 1937, MSUFCU has a national reputation for excellence and has received several top industry and workplace awards, including being named a Best Credit Union to Work For® by American Banker for the sixth year, a Top Workplace by the Detroit Free Press for 13 consecutive years, and a National Best and Brightest Companies to Work For® winner for seven consecutive years. MSUFCU has also been certified as a Great Place to Work® for 10 consecutive years and has been recognized by the Credit Union National Association, earning first place for the people-helping-people philosophy Louise Herring Award. The Credit Union operates an award-winning, wholly owned credit union service organization, Reseda Group, along with digital financial platforms AlumniFi and Collegiate, trade name Oakland University Credit Union, and its foundation, the Desk Drawer Fund. MSUFCU is headquartered in East Lansing, Michigan; and has 24 branches; over 350,000 members; $7.64 billion in assets; and more than 1,100 employees. For more information, visit msufcu.org.

Contact:
Glen Fossella
[email protected]
617-335-2181

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SOURCE Ascent Platform Corporation