Applying for a loan or financing—whether it’s for a car, a business, a house, etc.—is a tedious, time-consuming process that requires the involvement of the applicant, their employer, and the concerned financial institution or vendor.
And let’s not forget the data needed by businesses and financial institutions to verify identity, employment status, and financial standing. Application Programmable Interfaces or APIs help to address this problem.
Smile API, a trusted source for employment data in Asia, provides real-time and user-authorized access to valuable employment and income data from different platforms to make data verification easier.
This digital platform fast tracks the process by facilitating application approval (or rejection) within just a few seconds. This delivers significant value to workers who need to secure financial and/or related services; employers who can recover operational time lost to the cumbersome paper trail; and banks and financial institutions that can experience fast, secure transactions.
During the recent company launch, Smile API CEO Jerome Eger explains the all-too-common situation that bogs down businesses: “We did a survey and found that on the average, for every 100 employees in any given company, there are three to five requests for certificates of employment per week. A person in HR handles this, and it takes company time that can be better used for other business matters. While they need to do this, this process has no value for the employers.”
Eger adds, “What we offer becomes not just a win but a win-win-win solution for businesses, their employees, and mostly for third-party providers like banks, financial institutions, and other vendors whose services are made more accessible to potential customers.”
Individuals applying for loans, financing, and the like must register first through the Smile-API-using companies they regularly deal or interact with. They agree to transmit their encrypted employment data, which then passes from their employer through Smile API to the bank or vendor in seconds.
It is important to note that Smile API gets the encrypted data from the employer, and passes it on to the institution or the vendor. It does not hold on to the data afterwards. This process happens in seconds, and the applicant, their employer, and the related banks are spared the loss of unnecessary man-hours and effort.
Still relatively new, Smile API aims to provide a service unlike any in the country. Just recently, they received funding from two established fintech investors: Credit Ease, a diversified conglomerate with a global footprint; and Plug and Play Singapore, a global venture capital firm with a strong regional presence.
As early as now, Smile API is already forming alliances in the Philippines with like-minded innovators. One such partner is Johanne Lim, the CEO of MoveForward Inc. (MFI)., an online buy-now-pay-later (BNPL) provider for the unbanked in the country.