Lenders that use Inovatec Systems now have reinforced tools to originate auto loans with more confidence about the consumer connected to the contract

This week, the provider of cloud-based software solutions for lenders announced it has formed a partnership with Paays Financial Technologies, a provider of advanced risk management solutions for banks, credit unions, finance companies, OEMs and other organizations.

Through this relationship, Inovatec said its clients will be able to leverage Paays’ digital identity and income/employment verification capabilities as well as fraud detection and AML features. The capabilities are available directly through the Inovatec loan origination system (LOS) and direct portal.

Inovatec sees the integration will give lenders a fast and efficient path 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 are:

—ID Verifier, a digital tool that can authenticate the identity of loan applicants

—Income Verifier, a solution that can provide applicants with three digital options to substantiate income and employment

—Fraud Check, a solution that can enable lenders to stop bad actors anywhere in the application process.

It also includes AML Check for lenders with FINTRAC AML requirements.

Together, executives said 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,” Inovatec chief revenue officer Sam Heath said in a news release. “Our clients can benefit from Paays’ unique capabilities and improve efficiency across their lending operations.”

Inovatec’s LOS, LMS, and direct portal solutions can enable lenders to streamline loan processing, decisioning and management with intelligent automation that can be configured to meet client needs. The company’s offerings allow lenders to access a range of 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,” Fry went on to say.

For information on Inovatec’s integrated loan origination system, loan management system, and customer portal solution, visit www.inovatec.com.