Along with being named one of the top growing companies in Canada, Inovatec Systems recently landed its sixth industry relationship so far this year with a complementary service provider.

Inovatec, which offers cloud-based software solutions for finance companies, announced it has entered into a partnership with Provenir, a global leader in risk decisioning software powered by artificial intelligence.

As a result, Inovatec said its roster of auto finance companies can access Provenir’s portfolio of AI-driven decisioning solutions through open APIs that are embedded into Inovatec’s LOS platform. 

Headquartered in Parsippany, N.J., Provenir is a global provider of smart decisioning solutions that enable finance companies and other financial institutions to lower risk and make faster, more accurate decisions on credit applications. The company’s AI-powered decisioning platform is a no-code cloud-based solution that serves a multitude of markets, including buy now pay later (BNPL), retail point-of-sale, fintech, banking, as well as auto financing.

“Inovatec’s configurable loan origination and loan management solutions efficiently support third party solutions that improve the speed, reliability and efficiency of the entire lending process,” Inovatec head of business development Bob Metodiev said in a news release.

“We are very happy to make Provenir’s decisioning solutions available to our customers and deliver these robust benefits. This integration continues our effort to ensure that the lenders we serve have access to the most impactful services available in the market,” Metodiev continued.

Before announcing the partnership with Provenir, Inovatec most recent alignment arrived earlier this month with TruDecision.

In 2022, Inovatec also has forged relationships with:

—VoPay involving intelligent payment technology

—Lightico to help users offer end-to-end digital journey for customers

—VINData to boost underwriting and spot potential risk

—Point Predictive to curb fraud and reinforce efficiencies

Inovatec’s LOS, LMS, and consumer direct technology can allow finance companies to streamline processing, decisioning and management with intelligent automation that can be configured to meet client’s needs.

The company’s offerings can enable users to leverage a range of innovative services through open APIs, giving them the power to adjust workflows and utilize advanced features like analytics and alternative data to make accurate decisions, grow their portfolios, and build market share.

Kathy Stares is executive vice president for North America at Provenir.

“We are excited to partner with market leader Inovatec to help lenders provide an excellent consumer experience while meeting consumers’ demand for real-time decisions,” Stares said in the news release. “Through the unique combination of universal access to data, simplified AI, and world-class decisioning technology, Provenir provides a cohesive risk ecosystem that enables organizations to make smarter decisions instantly across the entire customer lifecycle.

“Combined with Inovatec’s industry-leading solutions, lenders will be empowered to make smart, automated decisions while providing the best possible experience to their customers, thus gaining a competitive advantage,” Stares went on to say.

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

The Globe and Mail names Inovatec among Canada’s top growing companies 

In other company news, Inovatec also announced that it has been named to The Globe and Mail’s esteemed list of Canada’s Top Growing Companies. The report is posted in the publication’s “2022 Report on Business.”

Established in 2019, the Top Growing Companies feature celebrates the “boldest entrepreneurial achievements” of organizations across the country, “identifying and bringing the accomplishments of innovative businesses in Canada to the forefront.”

The listing was published by The Globe and Mail on Friday

“We are delighted that The Globe and Mail recognizes the achievements that Inovatec has made in recent years, and has placed us among a select group of Canadian companies positioned to propel the national economy over the next several years,” Inovatec co-founder and chief executive officer Vlad Kovacevic said in another news release.

“Inovatec’s automated solutions are designed to deliver the expedience and efficiencies that will allow lenders to succeed in a fast-paced, digital economy. We are grateful to everyone on the Inovatec team for their invaluable contributions that have led to this recognition, and importantly, have allowed us to attract a growing base of loyal customers,” Kovacevic continued.

“Report on Business” editor Dawn Calleja said, “Canada’s Top Growing Companies recognizes the tremendous ambition and innovation of entrepreneurs in Canada. The next generation of Canadian businesses can draw inspiration from this ranking.”

Phillip Crawley, publisher and CEO of The Globe and Mail added, “In an uncertain world, the success stories of the companies marked in this year’s Report on Business magazine’s list of Top Growing Companies are a beacon of optimism. The Globe and Mail congratulates them on their achievements.”