[Chambo]

We all have telephones.

An entire underwriting process can start there. We are all used to being prompted to do this, and that when we are on the phone. As long as one is PCI compliant you can do some things.

What's really holding this industry back is that there is no centralized way to get merchant processing data. However, this can just be solved using code an algorithms if you build on top of Yodlee.

You can have a merchant on the phone with a live agent who explains the program, etc. Then the live agent transfers the merchant to a system where instead of them having to fax papers back and forth, they enter all of their vitals right there into their phone.

So the merchant enters their banking info, social, etc. into a PCI compliant IVR system. The stuff you can't enter into the system by phone will have already be entered in by the live agent.

Once the merchant finishes entering their info, the data goes to underwriting. Underwriting should be able to see all the things they see on those pieces of paper - and then some. If you have someone's entire banking profile it gives you a new set of data points to evaluate and potentially "productize."

This set up is deal for the busy merchant or a merchant in Kalispell Montana with limited access. The underwriter presses buttons about what he needs from the deal, and this triggers a package to be printed ... and an alert from someone in the org to make sure it gets out through FedEx... Perhaps maybe include return postage on behalf of merchants for the documents requiring their signature, their lease agreements, etc.

This scenario sounds rife with ID theft potential. what people seem to forget here is, this is sensitive financial data that you are talking about being shared with a non specific number of entities? Taken and regarded at the whim of a third party?

At least the current way, the merchant has to willingly send the actual documents...whether digitally or via fax.

A good lawyer would have a field day with that.