Inovatec Systems, a provider of cloud-based software solutions for lenders, partnered with Toronto-based Paays Financial Technologies (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’ 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 vehicle to digitally verify applicants, eliminating the burden of manually reviewing physical documents.

“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,” Sam Heath, chief revenue officer of Inovatec, said. “Our clients can benefit from Paays’ unique capabilities and improve efficiency across their lending operations.”

Inovatec’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 decisions, grow their portfolios and build market share. By adding Paays’ capabilities into the Inovatec LOS ecosystem, clients have access to 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,” David Fry, founder and CEO of Paays, said. “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.”