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NewProducts

Funders can use the SMB Disclosure Service by integrating
their current origination platforms with Rapid Finance’s
API or through a user-friendly interface to generate
compliant disclosures in HTML or PDF formats, the
company stated. This flexible approach enables lenders
to provide clear, compliant statements to business clients.
Additionally, Rapid Finance noted that it offers a robust
technology suite for small business lenders, including
modular origination systems that simplify the lending
process and align with lenders' existing infrastructures.
Since 2005, Rapid Finance has supported small business
growth across the United States with advanced, scalable
financing solutions and lending-as-a-service tailored
to enterprise clients’ needs. The company's team is
proactively monitoring additional state regulations in
Custom API laws come into effect. For more information, please email
this space and will continue to add new states as similar
enterprisesales@rapidfinance.com.
supported SMB

disclosure service

apid Finance, a platform focused on providing
customized financing solutions for small busi-
nesses, launched its SMB Disclosure Service, a
R standalone SaaS regulatory compliance mod-
ule designed to help business funders meet Connecticut’s
commercial disclosure requirements.

The state's new rule, which went into effect July 1, 2024, EMV C-8 contactless
mandates that funders provide disclosures for commercial
financing of $250,000 or less to ensure transparency for
companies operating in Connecticut are also required to kernel testing
small businesses. As of Oct. 1, 2024, funders and financing
register with the Connecticut Department of Banking.

Connecticut’s disclosure law is part of a national movement ime reported it is the first to offer testing services
prioritizing borrower protections and transparency in in line with the EMV Contactless Specifications
small business lending. Several states, including New York, for Payment Systems, Book C-8, Kernel 8
California, Utah, Florida, Georgia, Kansas and Virginia, F Specification (EMV Contactless Kernel specifica-
have enacted similar regulations aimed at standardizing tion). This new approach is set to significantly streamline
disclosures for lower-tier commercial financing. This the development, testing and launch of new contactless
trend allows small business borrowers to make better- payment terminals for vendors, merchants and solution
informed financial decisions. providers, Fime stated.

"With more states adopting these laws, we’re making The new EMV Contactless Kernel specification aims to
it easier for small business applicants to understand simplify contactless payment acceptance. By moving away
financing terms,” said Will Tumulty, CEO of Rapid Finance. from implementing and maintaining multiple scheme-
"Yet, staying current with state-specific regulations can specific kernels it will remove cost and complexity from
be a challenge for SMB lenders. Rapid’s SMB Disclosure the ecosystem, Fime noted, adding that it also integrates
Service streamlines compliance and adapts as new state-of-the-art cryptography to enhance security while
regulatory requirements emerge." enabling faster transaction speeds.

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