Hawthorn River, BeSmartee Partner Up
Software company Hawthorn River is teaming up with fintech BeSmartee to integrate its financial spreading product, FlashSpread.
FlashSpread uses Optical Character Recognition, AI, and proprietary algorithms to transform raw data into a Debt Service Coverage Ratio with the press of a button. This allows lenders to make credit decisions quickly and with confidence.
“Hawthorn River is about creating meaningful efficiencies for community banks,” said Jon Rigsby, CEO of Hawthorn River. “Our partnership with BeSmartee and the integration of the FlashSpread product ensures these institutions can focus on their core mission – serving the banking community – by automating and simplifying the financial spreading process.”
Lenders can upload scanned tax returns, get instantaneous spreading of financial data with potential errors or missing data identified, and generate credit analysis via custom financial spreads.
FlashSpread ends the manual entry of financial data while creating advanced spreading ratios and outputs in real time. It enables complete analysis of balance sheets, income statements, business, and individual cash flow, and UCA cash flow.
“BeSmartee’s FlashSpread product modernizes a traditionally cumbersome process that, with a simple click, turns PDF tax returns into comprehensive financial reports,” Ariel Trybuch, VP of Strategic Partnerships for BeSmartee, noted.
BeSmartee is one of the original mortgage point-of-sale platforms, powering $25B+ in digital lending transactions every month for some of the world’s largest lenders.
Hawthorn River is a specialized software solution provider empowering U.S. community banks by streamlining the lending process. It recently partnered with DCI to streamline its workflow management, automate lending processes, and optimize compliance for both its consumer and commercial loans.