Commercial banks' business customers will now be able to send financial statements, information and documents through a secure electronic portal, thanks to a new partnership between Technologies and iLumen. The new arrangement will also help improve customer data and relationship management, and also in lowering costs.

This is being made possible with the joining of forces between HCL Technologies and iLumen in a bid to spruce up HCL's CapitalStream platform. HCL CapitalStream, a business and commercial lending system, will now see technology from iLumen enabling commercial banks to connect, consolidate and standardize both internal bank data and customer-submitted data into a common data model and repository for credit, risk, and relationship management, says a report. According to Mike Pennell, vice president of the HCL CapitalStream lending group, business and commercial lenders have been seeing costly and time-consuming operations in their efforts aimed at collection of financial statements, tax returns and other business documents from banks’ business customers. With the new deal, iLumen would help in doing away such costs and also in improving information accessibility and accuracy. This would be made effective by providing a platform that completely automates the capture and standardization of documentation and data. It has been pointed out that the new partnership would help in providing an end-to-end commercial lending solution that extends from the bank to the borrower.

Banks who deploy such an integrated platform will benefit by improving the quality and timeliness of information about their customer's businesses. This would, in turn, help in zeroing in on business problems and addressing them.

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