Inovatec Systems, provider of cloud-based software solutions for lenders, formed a partnership with Paays Financial Technologies Inc., a provider of risk-management solutions for banks, credit unions, finance companies, original equipment manufacturers, and other organizations. Through the relationship, Inovatec clients can leverage Paays’ digital identity and income/employment-verification capabilities—as well as fraud detection and AML features—directly through the Inovatec loan-origination system and eirect portal. The integration gives lenders a fast and efficient vehicle to digitally verify applicants, eliminating the burden of manually reviewing physical documents, and expediting decision-making and the approval processes.
Based in Toronto, Paays provides lenders several digital solutions to expedite and improve loan-origination processes and workflows. Included in its product portfolio is ID Verifier, a digital tool that authenticates the identity of loan applicants; Income Verifier, which provides applicants with three digital options to substantiate income and employment; Fraud Check, which enables lenders to stop bad actors anywhere in the application process; and AML Check for lenders with FINTRAC AML requirements. Together, the solutions reduce the time to process loan documentation from days to minutes, accelerating conversion and satisfying requirements of lenders and consumers.
“We are very pleased to offer Paays’ comprehensive verification services to Canadian lenders that are continually seeking new methods of improving the quality of decisioning, accelerating approval processes, and removing the costs and errors associated with traditional manual verification workflows,” said Inovatec Chief Revenue Officer Sam Heath. “Our clients can benefit from Paays’ unique capabilities and improve efficiency across their lending operations.”
Inovatec’s LOS, LMS and Direct portal solutions enable lenders to streamline loan processing, decision-making and management with intelligent automation that can be configured to meet lender needs. The company’s offerings allow lenders to access a range of innovative services through open APIs, giving them the ability to adjust workflows and leverage advanced features, such as analytics and alternative data, to make more accurate decisions, grow their portfolios, and build market share. By adding Paays’ capabilities to the Inovatec LOS ecosystem, clients have access to new solutions for improving and expanding lending activities.
“Inovatec is considered the leading technology provider in Canadian consumer lending, and we are proud to enter into this partnership with them,” said Paays founder and CEO David Fry. “Lenders across Canada are being asked to fund more loan applications faster, while also addressing a high degree of risk factors that could hinder their financial viability. We have created a suite of solutions that enable lenders to digitize and improve loan origination processes and workflows, while reducing risk. We view our relationship with Inovatec as a perfect vehicle to deliver these much-needed capabilities to the market.”
For information on Inovatec’s integrated loan origination system, loan management system, and customer portal solution, visit Inovatec's website.
Originally posted on Auto Dealer Today