Shaw Systems Associates, Inc. announced that FinTech company, Prosper, has licensed Shaw’s Spectrum RETAIL loan servicing solution. Prosper, a peer-to-peer lender based in San Francisco, will also engage Shaw’s Resource Solutions consultants for the installation project.
“Peer-to-peer lending, a popular alternative to traditional loans, is a new market for Shaw Systems,” said Cyndy Stone, Chief Operating Officer of Shaw Systems. “We’re confident our Spectrum RETAIL loan servicing solution will help Prosper expand this innovative lending channel.”
Spectrum RETAIL supports a myriad of consumer loan products including loans, lines of credit, home equity, dealer/indirect, floor plan, commitments, securitization, and insurance. This online, real-time, highly configurable consumer lending solution provides for a variety of user interface, data storage, hardware, and deployment options. By using web services, existing systems can leverage the huge data store for operational needs or presentment through customer portals like online banking, where real-time information is not only needed but demanded.
Prosper is America’s first peer-to-peer lending marketplace, with more than 2 million members and over $1 billion in funded loans. The Prosper platform connects people who want to invest money with people who want to borrow money. On the Prosper platform, borrowers list loan requests between $2,000 and $35,000, and individual and institutional lenders invest as little as $25 in each loan listing they select. Institutional investors can also elect to participate in the Whole Loan Program. The unsecured personal loans are used by Prosper borrowers for a variety of purposes, including paying down high interest rate debt and helping with small business funding.