On Deck Capital Inc., a digital lender for small businesses, has launched a new business that will help banks digitize their lending process for small-business borrowers.

Known as ODX, the newly formed subsidiary of OnDeck will offer a platform for banks to enable small businesses to apply for loans digitally and obtain funding in 24 hours.

OnDeck has appointed Brian Geary to serve as the president of ODX and Raj Kolluri to serve as its head of product and technology. Geary previously was vice president of OnDeck's bank partnership unit, while Kolluri earlier worked at SS&C Primatics as vice president of product and engineering.