Bluestone launches innovative API Platform
03/06/2024
The independent finance broker Bluestone has launched a “pioneering” end-to-end online platform that provides an auto-decisioning facility for their clients’ financing requirements.
Bluestone Portal is enabled by APIs with companies house and credit scoring agencies that collect the necessary financials of the client to provide accurate quotations. Additional APIs developed in collaboration with Siemens Financial Services, Investec Asset Finance and Quantum Funding; enable the platform to transfer that information to the funders to receive, in some cases instant credit decisions.
The automated funder APIs went live in H1 2024. UK organisations can use the portal to get finance quotes for themselves or their customers, submit applications, obtain decisions, eSign documentation, and track the progress of those applications through to completion, whenever and wherever they need to, delivering the most automated application process for commercial clients in the broker-market.
The Bluestone Portal’s innovative systems, automation and algorithms give confidence to funders that the necessary checks and due diligence are being actioned on every transaction. Applications are directed to lenders that have an appetite for the credit requirements of the client in line with the FCA’s Consumer Duty and treating customers fairly.
This portal also relieves Bluestone staff of the need to manually process many types of transaction, streamlining the customer journey and leaving more time to concentrate on more complex applications and opens the door to scaled business growth for Bluestone without having to continually employ new staff.
Vineesh Madaan, Managing Director at Bluestone, said, “In our continuing efforts to provide a consultative and creative service that truly meets our client’s requirements we recognised that there was a need for a fully online ‘self-serve’ portal for clients.
“Other portals in the market were basic in their functionality; we wanted to do something different. It had to be powerful, but easy for the customer to use. After eighteen months of development and significant investment, the result is the Bluestone Portal.”
Mark Hargreaves, Bluestone’s Finance Director, added, “In parallel with the development of the Bluestone portal, we invited SFS, IAF and Quantum to be the first funders in our portal.
“Since launching the throughput has been smooth for all parties. Acceptance rates for applications are almost ten times as good as we had initially expected. It’s been revolutionary for our business. We will invite more of our funders to integrate with the Bluestone Portal so we can continue to build our margins and volume and grow the business.”
Rob White, Siemens Financial Services, said, “From the outset, Bluestone had a clear vision of revolutionising the industry landscape by creating a groundbreaking portal that not only disrupts the status quo but also enhances the entire customer journey from proposal to payout. Throughout the project, Bluestone has remained committed to putting the customer first, crafting a system that empowers them by keeping the customer and supplier in control over the quoting and initial credit application stages of the process.”
Stuart Hughes, Investec Asset Finance, said, “Having foresight to incorporate not only internal funder APIs, but the ability to allow suppliers and partners the access to vital information when sourcing finance for their customers in real time is very well considered. Combining our digital journeys will provide efficiencies to both broker and funder which, without a doubt, will benefit the customer experience too.”
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