What is a Third Party Integration?
Third party integrations are a common way of enhancing value and functionality to a software product. Users are able to use an Application Programming Interface (API) to connect a variety of software platforms. The third party can be nearly any other software product or website that offers an API to integrate with. Modern software is frequently composed of multiple services provided by different vendors but packaged as a single product for the end user. If a piece of functionality is outside a provider’s key offering users often choose to integrate to create the optimum workflow and experience to meet their teams needs.
What is an API?
An Application Programming Interface, or API, is a way for two or more separate computer systems to speak to each other. Facebook, Google, and Quickbooks are examples of websites that offer services accessible through APIs.
APIs are also a powerful way to be able to connect to systems owned by somebody else. They can allow a system to provide functionality not natively available. For example, have you ever used Facebook to sign into a website that isn’t Facebook? Some of that communication is handled through APIs. It saves the end user the effort of having to establish yet another login on another website by having Facebook provide the identity details instead of the end user. Maybe you have used the popular website, Mint.com to track your finances. APIs are used every time you link one of your accounts to Mint to provide all your details in one place. APIs drive large parts of the modern internet.
Ventures+ Third Party Integrations
Ventures+ is a robust platform that streamlines the process of managing the life-cycle of a loan all in one place. There are tools that are part of the loan process and it is important to be able to integrate them into the Ventures+ platform. With that in mind, Ventures+ supports the integration of many third party partners.
The list below highlights Ventures+ integrations with partner organizations.
Please note, the lender must have an account with the partner organization and any fees are between the lender and the organization. The fee with the partner organization is in addition to the Ventures+ fees, unless noted otherwise.
Form 4506-t is the form the IRS requires when requesting someone’s tax transcripts. T4506 and Veritax accept these forms from a lender and act as the middleman between the lender and the IRS. With the Ventures+ integration, the 4506-t form can be sent from within Ventures+ and the tax transcripts are returned directly into Ventures+. These third party integrations save time for the lender when requesting and receiving the transcripts.
FlashSpread is a cloud-based platform that automatically spreads tax returns by converting PDFs and sends them to Ventures+ instantly. Allows for bulk spreading of tax returns for year-end reviews. Supports 1065, 1120, 1120s and Schedule C.
LaserPro is a leading documentation system used by many lenders to generate their documents. This integration provides the ability to use Ventures+ in conjunction with LaserPro by exporting Ventures+ data to LaserPro eliminating the duplication of data entry.
Integration with BCR will streamline your process for accessing the reports you need. With your BCR credentials, you can quickly and easily order Business Credit Reports as needed while in Ventures+. You’ll then have a link saved in Ventures+ for convenient access to any reports you have ordered.
QuikTrak provides the ability to order and receive inspection reports directly through Ventures+. Quiktrak provides critical risk-management services with pre and post transaction due diligence. This can include the following reports: equipment, real estate, collection, and site inspections. Additionally, condition and borrower certification reports can be obtained.
As one can see, third party integrations allow lenders to customize their system to best meet their needs. It creates valuable flexibility so that the lender can have all the functionality they need.
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