Inovatec Systems, a provider of cloud-based software solutions for lenders, formed a relationship with VeriFast, a provider of artificial intelligence-driven verification and authentication solutions, to offer identification and income verification to lenders. Through this partnership, Inovatec clients can access VeriFast’s capabilities directly through the Inovatec loan origination system (LOS), giving lenders a toolset to digitally verify the identity and income of applicants while adhering to data privacy and security mandates.
Headquartered in Toronto, VeriFast serves clients throughout the U.S. and Canada. Originally designed to help property managers verify the identities, income and employment histories of potential tenants, the company has expanded its solutions portfolio to include services and capabilities geared specifically for the lending sector. VeriFast utilizes AI to aggregate, process and evaluate applicant data from disparate sources, giving lenders immediate validation of applicant identities and income sources. VeriFast is SOC 2 Type 2 compliant, ensuring that the company adheres to data management and privacy standards.
“VeriFast has earned an outstanding reputation for providing fast, compliant and cost-effective verification services that enable financial institutions to accurately authenticate applicants,” Sam Heath, chief revenue officer at Inovatec, said. “We are pleased to partner with VeriFast and give our clients access to these capabilities that are absolutely essential in digital lending environments.”
Inovatec’s LOS, LMS and Direct portal solutions are designed to allow lenders to streamline loan processing, decisioning and management functions through intelligent automation that can be configured to meet lender needs. The company’s offerings allow lenders to access a range of services through open APIs, allowing them to adjust workflows and add features like analytics and alternative data.
“We are delighted to enter into this relationship with Inovatec, which is a true digital lending innovator and one of the fastest growing providers of loan origination platforms throughout North America,” Tim Ray, co-founder and CEO of VeriFast, said. “We recognize that digital lenders face an enormous challenge authenticating applicants and validating employment and income data. Through this partnership, we can give lenders the information they require to properly decision and book loans in an efficient and compliant manner, as well as create a solid foundation that will allow them to confidently enter into new markets.”
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