Inovatec Announces Partnership with Paays to Provide Advanced Verification and Fraud Detection Capabilities to Canadian Lenders
FinTech Provider Delivers Robust Risk Management Capabilities That Accelerate Decisioning and Enhance Customer Satisfaction
BURNABY, BC / ACCESSWIRE / July 11, 2023 / Inovatec Systems, a major provider of industry-leading cloud-based software solutions for lenders, announced it has formed a partnership with Paays Financial Technologies Inc. (“Paays”), a provider of advanced risk management solutions for banks, credit unions, finance companies, OEMs, and other organizations. Through this relationship, Inovatec clients will be able to leverage Paays’ robust digital identity and income/employment verification capabilities-as well as fraud detection and AML features-directly through the Inovatec loan origination system (LOS) and Direct portal. The integration will give lenders a fast and efficient vehicle to digitally verify applicants, eliminating the burden of manually reviewing physical documents, and expediting the decisioning and 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, a solution that provides applicants with three digital options to substantiate income and employment, Fraud Check, a solution that enables lenders to stop bad actors anywhere in the application process, and AML Check for lenders with FINTRAC AML requirements. Together, Paays’ digital solutions significantly reduce the time to process loan documentation from days to minutes, accelerating conversion and satisfying the requirements of both 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 Sam Heath, Inovatec’s chief revenue officer. “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, decisioning, 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 into the Inovatec LOS ecosystem, clients have access to innovative new solutions for improving and expanding their 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 David Fry, founder and chief executive officer of Paays. “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 www.inovatec.com.
Inovatec Systems Corporation’s proven cloud-based loan origination and loan management solutions improve business outcomes for lenders in the automotive, power sports equipment, and other industries across North America. Inovatec’s uniquely flexible platform empowers lenders to satisfy fast-changing customer requirements, increase revenue, reduce operating costs, and improve customer experiences-all through an intuitive, easy-to-configure and manage interface. For more information, please visit www.inovatec.com.