Inovatec integrated Carleton’s CarletonCalcs modules within its JAVELIN software platform, a self-configurable, open API platform designed to eliminate barriers, expedite connectivity and drive enterprise-wide workflow efficiencies.
CarletonCalcs is a suite of computation software modules that enable software applications to calculate payments, fees, taxes and other calculations required for the consumer lending industry. CarletonCalcs provides payments with configuration options that are compliant with state maximum usury and Federal TILA disclosures, including APR and MAPR, along with multiple ancillary products.
The CarletonCalcs components support Inovatec’s ability to tailor credit decisioning, tolerance limits and risk parameters with auto-decisioning and scorecard capabilities for lenders, dealers and financial service providers utilizing the JAVELIN platform (formerly known as Compass).
“Our strategic partnership and integration with Carleton addressed a major need for us to ensure all of the features that have made JAVELIN successful in Canada became available to the U.S. market,” Vladimir Kovacevic, founder and CEO of Inovatec, said. “The United States regulatory and compliance landscape is very different and more demanding than it is in Canada. Our partnership with Carleton provides the required assurance that our state and federal lending compliance parameters are driven by a company widely regarded as the best option for compliant payment, loan calculation and validation APIs in the United States.”
“The consumer lending landscape continues to evolve towards innovative digital lending options through various channels with a streamlined process. Carleton and Inovatec both operate with a similar philosophy, realizing that client success is always priority one,” Matt Ruszkowski, president and COO of Carleton, said. “That means we need to provide an excellent product delivered with the latest technology, a quick and easy implementation, and include flexibility to configure multiple lending products anywhere within a client’s workflow.”
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