Digital commerce enabler Network International has partnered with Biz2X , a global fintech specialising in technology and financing. The partnership aims to provide small and medium-sized enterprises (SMEs) using Network's payment services with new financing opportunities.

By using transaction data from Network’s payment platform, Biz2X will offer real-time credit data to loan underwriters, simplifying the loan application process for SMEs. In essence, merchants will be able to access various credit options integrated into the Biz2X platform. The new financing solutions are projected to be available to UAE-based SMEs starting in the fourth quarter of 2024.

Main partnership advantages Some of the key aspects of the partnership include: Quick access to capital: merchants will have the opportunity to access financing options quickly, with loan processing potentially completed within 48 hours.  Data-driven credit assessment: Biz2X will use transaction and settlement data from Network to prequalify merchants for loans, reducing paperwork and speeding up approvals.  Efficient onboarding: the integration of Biz2X’s lending services into Network’s platform aims to streamline the loan application process.  Diverse lending options: merchants will receive offers from various lenders, including banks and alternative finance providers.  Flexible repayment methods: loan repayments can be managed through the same digital platform, offering various options such as settlement advances, credit card splits, and receivables-based repayments.  Comprehensive loan management: lenders will benefit from continuous digital monitoring of their loan portfolios, which helps with regulatory compliance and risk management. Lenders will use Biz2X’s digital underwriting platform to define credit criteria and evaluate applications. The platform's use of detailed financial transaction data will facilitate quicker and more accurate credit assessments through automated decision-making.

Officials from Network International stated that the partnership is part of their effort to enhance digital finance technology in the region. They emphasised the benefits of integrating payment data with Biz2X’s underwriting capabilities. Network International also revealed that embedding lending options into their payment system will streamline the process, improve risk assessments, and provide SMEs with more opportunities for growth.

Biz2X officials noted that the partnership leverages their experience in delivering integrated financing solutions and is expected to improve credit access for SMEs in the UAE. .