Upstart is making strong and strategic moves, creating new partnerships which helps in integrating its AI-lending platform to other financial institutions. The more Upstart builds such partnerships and integrations, the stickier their platform becomes to their customers, strengthening their moat. This also shows they are working their way to reduce their concentration with Cross River Bank over time.
“NXTsoft (nxtsoft.com), the market leader in secure, comprehensive and complete API connectivity, and Upstart , a leading AI lending platform provider, today announced a partnership that will enable Upstart to more efficiently implement its all-digital AI lending platform to any U.S.-based financial institution.”
This integration with NXTSoft’s Omniconnect API will help banks and credit unions that use Omniconnect to easily start deploying Upstart’s platform. “NXTsoft offers Upstart-powered banks and credit unions a proven approach to integrate our AI lending platform into their existing core systems and workflow to accelerate time to value and be in market with a new offering for their customers.”
“As a result of integration with NXTsoft’s APIs, financial institutions will now be able to more quickly integrate Upstart’s AI platform into their existing services. NXTsoft’s OmniConnect has established API connectivity to 99% of all U.S-based core systems and can provide API connectivity between these core systems and any ancillary fintech solution. NXTsoft has been in the API marketspace for over 25 years and has numerous partners and over 1,000 financial institutions that currently utilize its OmniConnect secure API solution to transmit data real-time between core systems and ancillary applications.”
Read the original article here: https://www.businesswire.com/news/home/20210623005369/en/