BNZ accelerates credit access for SMEs with RDC.AI
0
Fast access to credit is essential for small businesses, which represent 97 per cent of New Zealand businesses,[1] enabling the flexibility and control to grow and thrive.
Powered by RDC.AI's advanced decisioning platform, the Merchant Flexi Loan application analyses terminal transaction data and cashflow history patterns to deliver tailored loan decisions - no financial statements needed.
The RDC.AI platform also supports dynamic credit offers and embedded monitoring. This capability helps BNZ offer merchants the flexibility to choose repayments between 10-30 per cent of daily settled terminal sales, based on their business performance. This gives merchants control over their repayment schedule based on their business conditions.
Eligible merchants can be approved in as little as three minutes and receive funds within two business days - setting a new benchmark for speed in the market. The loan is offered on a simple, one-off fee structure with no interest, providing cost certainty and transparency for small businesses.
BNZ customers are already using the loan to support business expansion and equipment investment, citing its speed and ease of use as a welcome additional option in the lending market.
Ada Guan, CEO and Co-Founder of RDC.AI, said: "We're excited to collaborate with BNZ to support New Zealand's SME economy through this AI-driven merchant lending solution and launch an innovative cashflow lending structure. Our explainable AI empowers banks to offer businesses the financial flexibility, transparency and rapid access to capital they need to thrive.
'At RDC.AI, innovative and accessible access to credit sits at the core of what we do. Limited resources and dependence on customer payments shouldn't hinder business growth - or potentially halt operations during a crisis when access to funds becomes critical. We're helping more businesses access innovative credit solutions and giving them better control over their working capital."
Karna Luke, Executive, Customer Products & Services at BNZ, added: "Small businesses are the backbone of New Zealand's economy, and timely access to credit is critical for their operations and growth. Our Merchant Flexi Loans enable us to deliver swift, innovative, and responsive cashflow lending solutions that meet the evolving needs of our small business customers. We're delighted to offer this simple and flexible solution and provide customers with another option for access to credit during critical moments in their business."
The BNZ Merchant Flexi Loan, powered by RDC.AI, is now available to eligible merchant customers across New Zealand, underscoring BNZ and RDC.AI's shared commitment to driving innovation and support for the SME sector.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Finextra
44 minutes ago
- Finextra
Starling extends business banking suite with Ember acquisition
Starling Bank has acquired accounting software firm Ember in an effort to extend its offering for the small business banking market. 2 The acquisition - which is reportedly in the sub-£10 million range - will provide Starling with a ready-made suite of bookeeping and tax tools for solo entrepreneurs and small businesses. 'It's a natural complement to start offering invoicing, accounting software, tax software, alongside traditional banking products, like credit related loans and facilities,' Declan Ferguson, Starling Bank's chief financial officer, told Bloomberg. Starling currently provides banking services for 500,000 small and medium-sized business. The deal to buy Ember comes ahead of the introduction of new HM Revenue & Customs rules that will require sole traders and landlords to submit quarterly returns on income and expenses claims. Ember currently provides services for the likes of HSBC, Lloyds Banking Group, Barclays and fintech rival Revolut. These will be discontinued as Starling folds the software into its business banking app.
BBC News
2 days ago
- BBC News
Donegal man who swapped job seeking for jet-set life shearing sheep
What makes a dream job? The chance to travel the world? A workplace in the great outdoors as opposed to a stuffy office? Honing a skill to a competition-worthy level?Sounds pretty good – which is why County Donegal man Aaron Magee has no regrets for swapping his pharmaceutical degree to become a globetrotting sheep shearer for he relishes life on the road – from Ireland to Scotland, to the mountains of Europe, the pastures of New Zealand and the Australian outback – with his shearing ability providing a reliable source of income from across the world every year."You could shear a sheep every day of the year if you wanted to, and chase the seasons," he said. It's an unusual career move and one that fewer and fewer people are making - but it was driven by left the University of Limerick with a degree in Pharmaceutical and Industrial Chemistry during the Covid-19 pandemic and struggled to find a he had a skill to fall back on having been taught the trade by his father on the family farm in Raphoe, County Donegal. And a new career path said it was "the lifestyle of the shearing that attracted it to me" even if he admits he didn't think he'd still be shearing five years later."I'm only 26 and I've been shearing in Liechtenstein, I never even knew that was a country until I saw Ireland playing them in football."It's the traveling for me and meeting people." And when Aaron wants a break from the grind of shearing flocks, he usually takes "a holiday" attending and entering competitions in both hemispheres, including the Balmoral Show, the Royal Highland Show and Clonmany Show. It's not all globetrotting and going for gold, of course."It's work hard, play hard," says Aaron."Shearing's quite social too. But, obviously, then there's days when a farmer could have 300 or 400 sheep and you just have to put the head down."Your back gets sore some nights but you go through the rough days and look forward to the handy days." How much does sheep shearing pay? And then there's the travel.A typical shearing circuit for Aaron could see him in Northern Ireland and the Republic in May to June; then Scotland for the rest of the summer before heading to Norway from September to November - a country he visits so regularly he now says he's "fairly fluent" in the then that he'll get on a plane for Australia and New Zealand, in time for the southern hemisphere summer, and stay there until February, before spending March and April in the likes of Norway, Switzerland and Austria. That's a lot of air miles - and cost, which Aaron said has increased since he decided to chase the sheep shearing seasons across the while the industry may not offer the same financial security as a job in the pharmaceutical industry, there's still money to be made. "We get paid by the sheep, the more sheep you can do the more you get paid."In Ireland, if you're getting €2 per sheep, it doesn't sound like a lot - but if you can do 200-300 a day you can make great money each day." Aaron believes the Covid lockdown and Brexit travel arrangements have inadvertently helped him build contacts and pick up shearing work across Europe at the expense of his shearing colleagues from the UK."It's gave us more job opportunities…definitely the visa thing has been a bit of a struggle for them guys." Hip pain, hernias and life on the road Still, while travelling is a perk, a career on the road - and the physical demands of sheep shearing - has taken its toll."I'm not sure how many years I have left shearing full-time, I'll have to see how my body holds up."I started probably a little bit young at fourteen. I had a hernia operation last year and my hips give me a little bit of bother. I'm lucky my backs strong as an ox."The physical toll is partly why not a lot of people make the same career choice Aaron Harkness-Bones, from the Ulster Wool Depot, which collects wool from farmers and sells it on their behalf, told BBC News NI that "each year fewer and fewer people are making a real go of it"."Your family needs to support your decision," she added. Aaron said he's "just taking every day as it comes" with the shearing, but in the meantime, he plans to skip his return trip to Norway and head straight back to New Zealand as soon as possible."The World Championships is on next March and I'd like to try to be down and get a bit of practise and see how we get on in that competition."Long-term, he'd like to settle in New Zealand but keep the hills of Donegal not too far in the horizon."I'd love to keep coming home and doing a little bit in Ireland and Scotland during the summer months."It may be tough work but, for now, Aaron's sticking with his career philosophy: have shears, will travel.
Daily Mail
3 days ago
- Daily Mail
Get hold of capital quickly! The small business funding platform making dreams come true FAST: 'I got way more money than I was expecting'
Daily Mail journalists select and curate the products that feature on our site. If you make a purchase via links on this page we will earn commission - learn more Owning a small business is not for the faint of heart. There are so many challenges that come with the territory when you're getting started. Money can solve a lot of problems — but only if you actually have it! Small business owners in particular can find it difficult to secure capital when they need it most, potentially derailing years of hard work. 1West was created to prevent exactly that. Getting approved for funding can be life-changing, taking your business in an entirely new direction so you can focus on achieving those big dreams Unlike other financing marketplaces, 1West takes a different approach. It's committed to helping small business owners find their way at any stage of their journey. The difference really is in the details — and those details are what set the company apart from other lenders. Applicants only need to be in business for a minimum of three months, and even if you've been turned down in the past, you have a chance to secure funds here. In fact, you don't have to check the usual boxes to make a case for your loan through 1West. You don't need perfect credit, a certain amount of collateral, or a stellar reputation with years of experience behind you. Through funding from 1West, you can finally realize many of the dreams you've harbored for your business. Imagine never having to overthink every move or worrying that you may not be able to make rent or pay a vendor next month. Those kinds of problems become things of the past when you're approved for unsecured working capital through 1West. Terms range from two months to two years, with the possibility of securing anywhere from $5,000 to $1 million. With rates as low as 18 percent, and the money in your bank account within a couple of days, your entire financial picture could change in a matter of hours! Given that cash flow is one of the biggest reasons that small businesses fail, you're doing yourself a big favor by making this a priority. Dealing with lenders that complicate the process with lengthy approval processes can make business ownership even harder. Luckily, it's easier than ever to get started with 1West. It's a simple, streamlined, step-by-step process that begins with a quick form. After you've supplied your information, 1West's SmartFunding system scans different financial possibilities for you. With hundreds of lenders and programs available, it will zero in on the options that are best suited to your situation. After answering some questions, you'll receive several funding options within 24 hours — and your money will be in your account within two business days You'll receive those options in a day, upon which you can select the one that's most appropriate for your business. That's it — the funds will be in your account within just two business days! The beauty of 1West is that it's completely transparent. You aren't bound by any obligations or fees, and your credit won't dip just because you applied. User reviews are exceptional. 'They made funds available in less than 24 hours and gave me access to more than double the money I thought my business would qualify for,' raved one thrilled customer. 'I was able to apply and get a loan in the same day,' marveled another. A third reviewer was stunned to note that the 'money was deposited to my account in one day!' Are you ready to finally grow your small business? Turn to 1West for the SmartFunding solution that could just help you make your vision a reality.
