TenderHub, a technological bank guarantee platform has launched in Russia
A new online bank guarantee platform Tenderhub, part of SF Holdings Plc (which includes leading fintech creditor SimpleFinance), has successfully passed all beta testing and is now actively expanding on the Russian market.
The new technological service allows clients and brokers to instantaneously connect to the platform and apply for bank guarantees fully online. After a seamless registration, users can apply for a bank guarantee through their personalized online interface, providing only a Tax-ID and link to the auction and within 20 minutes receive multiple bank guarantee offers from a selection of banks. Users can upload and sign documents fully electronically, and have access to an easy-to-use interface that possesses a variety of functionalities such as personal online accounts, notification systems, and more.
TenderHub is a unique platform due to its direct integration capabilities with banks via API, which allows for secure and effective transfer of information and automatic scoring based on internal algorithms. The platform is also integrated with various informative portals such as SPARK-Interfax (via API) and the united procurement system, that allows for electronic transfer of required information. Furthermore, the system can process large quantities of data in real time and is characterized by high performance and secure data storage. The platform was internally developed using skills of highly trained programmers and specialists from Microsoft.
Clients and agents have access to offers from three bank partners: SBI Bank, MetallInvestBank, and InterPromBank. A fourth potential partner, ModulBank, is currently in a testing phase to be launched soon. Within the next two quarters, the platform is looking to expand its partnerships, which will allow it to serve a wider range of clients.
TenderHub is looking to expand its product line-up by introducing automatic background checks into tender experiences and the presence of frozen accounts, as well as introduce an authentication service for electronic signatures.
“Our platform offers public procurement participants a fast, convenient and functional service for processing bank guarantee loans”, says Arsen Babayan, head of TenderHub. “The platform differs from other market participants through its flexible integration with banks and services, such as SPARK, a system highly regarded by banks. We are positive that this technological advantage will meet our customers’ needs and allow us to achieve leadership positions on the procurement loans market. Today clients can receive offers from four bank partners, e.g. SBI Bank, who is partnered with us on an exclusivity basis. The platform is undergoing an expansion phase to include new functionalities and products such as tender loans and fulfilment of government contract loans. In partnership with SimpleFinance, we will be able to offer public procurement participants a streamlined marketplace, which presents a full range of financial products that will satisfy all of our clients’ requests.”
Alexey Kobin, the Executive Director of the SPARK-Interfax system, further outlines that by using information from SPARK, application errors and inaccurate information is eliminated, while decision making processes are sped up.
“Our platform is designed using advanced technological solutions, making it possible to automate, simplify and speed-up the process of issuing bank guarantees’ adds Artem Kashirin, head of the underwriting department. ‘Additionally, we are planning to launch a scoring system for each bank, that will speed-up loan analysis, and provide banks with clients that fully suit their requirements. This will shorten the participants waiting time for application to loan procedures.”
About TenderHub TenderHub is a one-stop platform for all financing needs related to tender participation. TenderHub is part of the SimpleFinance Group that was founded in 2015, and since then has become the leading fintech creditor to small and medium-sized businesses in Russia (according to National Rating Agency). SimpleFinance is disrupting the lending industry through its highly developed online platform, expertise in risk management, and fully electronic document processing – which together ensure fast decision-making and high-quality customer service. The Groups main investor is the Russian fund RedStone Capital, as well as the SBI Fintech Fund. Currently TenderHub serves more than 1000 clients and 300 brokers.
For more information visit: https://bg.tenderhub.ru/