[cashguy]

Chambo: does it really give prequal ? Or just approve bases on credit. The real next level is approval with numbers and stips in 5 min. That's where this is going shortly.

[Sean Cash]

70,000 data signals sounds kind of exaggerated lol. In Dr evil voice: "Why use 1 million signals when you could use.... 1 billion."

I think the whole holdup of waiting for merchants to "find" their bank statements, faxing them, or waiting for their bank to send them a copy is going to be a thing of the past. It's incredibly inefficient this way and opens up too many possibilities that the documents will be manipulated, altered, or interpreted wrong by a human. Everything will be pulled via APIs, all bank transactions going back a year, merchant account transactions etc. It will all be analyzed instantly by a computer. Intuit already has APIs available where you can import all data merchants have entered via quickbooks. In 1 split second, you have their p&l, balance sheet, all journal entries, all merchant account transactions, details on all open invoices, everything.

[Chambo]

Chambo: does it really give prequal ? Or just approve bases on credit. The real next level is approval with numbers and stips in 5 min. That's where this is going shortly.

It gives you the prequal, terms and everything.

[Andy]

From my understanding, it is just a preliminary prequal to give you an approximate idea of what the approval will be, or if it will not be approved. 8 times out of 10 the actual approvals after it goes through underwriting are a little different then the instant prequal numbers. In my experience.