On Deck now offers Application Programming Interface Version 1.0, which gives banks, online service providers to small businesses, and more than 800 On Deck Funding Advisor partners integrated access to the On Deck platform, which includes their credit decision and application submission system.

Through the API, these third parties can now incorporate On Deck’s loan origination and credit scoring functionality into their own software applications, bringing increased efficiency to the small business lending process without adding additional steps to the workflow or user experience.

The initial version of the On Deck API supports two primary functions: credit prequalifications and application submission. Credit prequalification allows banks and other financial services firms to instantly screen their clients to determine if they are a fit for a short term business loan and how much capital they qualify for. This creates an important tool for banks whose primary product may not serve Main Street business owners, but who want a solution to meet the business’ capital requirements.

The second function allows third parties to submit loan applications directly from their own customer relationship management systems or online portals, eliminating multiple data entry steps and redundant entry of small business information.

“Small business lending options are notoriously difficult to navigate for small business owners and those who help them obtain financing,” says Noah Breslow, chief operating officer, On Deck. “We launched this API to make it easier for our partners to leverage the On Deck platform to supply financing to their customers”

On Deck’s API is built according to industry practices for third-party web services. Sample code, developer support, and implementation guides are supplied to all partners granted access to the API.

http://www.ondeckcapital.com/in-the-news/overview/34-articles/288-on-deck-launches-api