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.”
Inovatec Systems and TruDecision now are working together for clients in both Canada and the United States.
The provider cloud-based software solutions for finance companies recently announced it has reached an agreement with the developer of artificial intelligence and machine learning-based analytics tools that can improve portfolio performance.
Through this relationship, Inovatec customers will have access to TruDecision’s compelling analytics capabilities through Inovatec’s advanced LOS and LMS platforms, enabling finance companies to automate and improve critical processes like risk mitigation, credit scoring and decisioning, collections and cross-marketing.
Based in Irving, Texas, TruDecision serves a variety of providers, including banks, credit unions, and finance companies. Its solutions are applied in multiple lending sectors, such as automobile, motorcycle, powersports and personal loans.
The company serves lenders in both the United States and Canada and offers customers a unique “analytics-as-a-service” model that can enables clients to use TruDecision on a pay-per-use basis.
“We are always looking to work with ‘best-of-breed’ technology partners that can add significant value to our lenders, especially those innovators that can make an immediate impact in terms of reducing risk and growing the bottom line,” said Bob Metodiev, head of business development for Inovatec. “TruDecision not only ticks the boxes in terms of technology excellence, but also possesses a comprehensive understanding of the challenges and opportunities that define modern lending.
“We are eager to work with the TruDecision team and deliver the compelling analytics capabilities that can have an enormous impact on loan performance,” Metodiev continued.
Inovatec offers cloud-based LOS, LMS and consumer direct technology that can enable finance companies to streamline contract processing, decisioning and management with intelligent automation that can be configured to meet clients’ needs.
The company’s solutions also can allow finance companies to access a variety of innovative services through open APIs, giving lenders the ability to adjust workflows and leverage advanced features like analytics and alternative data to grow their portfolios and build marketshare in a highly competitive industry.
“We are delighted to work with Inovatec, which is not only the established market leader in Canada, but is also rapidly building a sizable customer base in the United States,” TruDecision chief executive officer Daniel Parry said. “We share Inovatec’s belief that every lender-regardless of size or market orientation-should have seamless access to modern analytics capabilities that can have a profound impact on portfolio performance.”
For information on Inovatec’s integrated loan origination system, loan management system, and customer portal solution, visit www.inovatec.com.
Last week, ACI Worldwide and IR extended their partnership to include enriched end-to-end enterprise transaction monitoring
Part of the ACI Enterprise Payments Platform, ACI Payments Monitoring powered by IR Transact can give banks and financial institutions visibility into the health of their systems and status of payments in real time — covering high-value and low-value real-time payments, as well as card payments.
The announcement of full enterprise monitoring capabilities follows more than two decades of successful partnering by ACI and IR.
“Our global customers are seeking new levels of insight and real-time analysis to help them adapt to changing consumer behaviors,” said Sam Jawad, head of banks and intermediaries at ACI Worldwide.
“By extending our long-standing and successful partnership with IR, we have also further enriched our real-time analytical capabilities, delivering comprehensive and actionable business insights,” Jawad continued in a news release.
The companies pointed out that the COVID-19 pandemic dramatically accelerated the trend toward real-time payments around the world.
ACI Worldwide’s 2022 Prime Time for Real-Time global payments report forecasted that real-time payments transaction volume will rise from 118.3 billion in 2021 to reach 427.7 billion annually by 2026.
As governments and central banks enable the shift toward real-time payments to unlock economic growth, the companies said they are providing further impetus for cashless and real-time digital payments.
Executives added the real-time monitoring capabilities that ACI and IR provide is geared to position banks to respond to this change.
“The continuing shift towards cashless payments, the emergence of new payment schemes and growing customer expectations are all putting pressure on organizations to deliver a seamless payments experience,” said David Guiver, head of transact and infrastructure products at IR. “Through our expanded partnership with ACI, banks and financial institutions benefit from real-time monitoring that helps them glean actionable insights on a single pane of glass.
“This enables them to continuously optimize their services and resolve issues before they impact customers,” Guiver went on to say.
Many consumers not only want a digital path to secure auto financing, they also want streamlined technology to make payments, too.
To help, Inovatec Systems announced this week it is partnering with VoPay to integrate payment processing capabilities into the Inovatec LOS and LMS platform.
As a result of this relationship, the cloud-based software solutions providers said finance companies can offer a secure, efficient and easy-to-use payment mechanism for businesses and consumers to enhance customer service, reduce delinquencies and improve cash flow.
Through a single API, the VoPay platform can facilitate automated bank account payments for lenders and consumers across North America. VoPay’s multi-rail payments network supports real-time payments, EFT, e-Transfers, and Visa Direct, allowing finance companies to send and collect payments without building their own infrastructure.
As a result of Inovatec’s partnership with VoPay, finance companies can verify bank accounts and digitize collections, while also adjusting payment terms on the fly to address changes in market conditions and personal circumstances.
“VoPay is a dynamic, innovative company that has successfully deployed automated payment acceptance technology that is secure, reliable, and user-friendly,” Inovatec co-founder and chief executive officer Vlad Kovacevic said in a news release. “We are delighted to integrate VoPay’s API into our LOS and LMS platforms, and simplify the cumbersome payment acceptance process that has historically been a point of frustration for both lenders and consumers.
“This added functionality allows lenders to set payment parameters directly within the Inovatec system, reducing expenses, mitigating errors, and improving cashflow. Just as importantly, the automated payment mechanism satisfies consumers, who have the comfort knowing that all payments will be made on time, and in a secure manner,” Kovacevic continued.
Hamed Arbabi is founder and chief executive officer of VoPay.
“We are delighted to work with Inovatec, which has an exceptional reputation for innovation excellence in loan origination and loan management solutions,” Arbabi said in the news release. “This partnership will allow lenders to convert the payment acceptance process from a legacy environment that was defined by costly inefficiencies and manual processes, to a modern experience that is automated, accurate and secure.
“Our efforts not only improve the lender’s bottom line, but also reinforces the relationships between lenders and their consumers,” Arbabi went on to say.
For information on Inovatec’s integrated loan origination system, loan management system, and customer portal solution, visit www.inovatec.com.
Fuel might be expensive nowadays, but Car IQ is looking to help fleet operators and their drivers pay for gas more easily.
The provider of vehicle payment solutions announced on Wednesday that Sunoco, one of the largest fuel distribution companies in the U.S., will accept the company’s payment solution that will allow its fleet customers an easier, more secure way to purchase fuel without the need for a credit card.
According to a news release, Car IQ Pay will be live at nearly 5,000 Sunoco branded fuel locations nationwide by the end of summer.
The firm explained that Car IQ Pay is designed to simplify the Sunoco payment process, by only requiring the driver to enter pump number, add fuel and drive away.
Car IQ Pay’s proprietary technology can allow any vehicle to communicate directly with the Sunoco pump via Carat by Fiserv, without the driver swiping a card, entering a PIN or adding the odometer reading.
Car IQ can validates the vehicle when it arrives at a fueling location, then can approves the source of funds and turn on the pump without the use of a credit card.
Once fueling is complete, Car IQ Pay can enables the vehicle to pay for the fuel and verify the fuel was received. As the driver leaves the station, payment receipt is added to the vehicle’s real-time ledger for easy fleet expenditure management.
“We are excited to add Sunoco as a fuel partner and allow fleet vehicles to connect directly to their pumps and pay for fuel. Sunoco gives our fleet customers more choice when it comes to purchasing fuel,” Car IQ senior vice president of merchant commercialization Matt Nicholson said in the news release.
“Vehicle based payments solutions are reshaping how companies manage their business operations by tying vehicle data directly to the transaction and allowing the car to connect directly to the pump, giving fleet managers more control and visibility over their budget,” Nicholson continued.
Rich Hayes is senior director of electronic payments at Sunoco.
“We want to simplify how fleets pay and eliminate the need for drivers to swipe cards, enter PINS and odometer readings,” Hayes said. “By offering Car IQ’s payment solution we can help fleet customers eliminate fraud with the use of telematics data that validates each fuel transaction.
“We strive to be at the forefront of a payment ecosystem that will provide fleet managers more control and visibility into their fleet spend and excited to work with Car IQ to service their customers nationwide,” he added.
Scott Mackay is vice president of Carat and digital commerce at Fiserv.
“In an increasingly digital world, the ability to create unified experiences is the new loyalty currency for consumers,” Mackay said. “By using the vehicle to simplify paying-at-the-pump, and digitally streamlining authentication and communication, we are helping Car IQ create a better experience for Sunoco customers.”
VINData, a provider of trusted vehicle history and remarketing information, recently announced a partnership with Inovatec, a leader in cloud-based loan origination and loan management solutions for the automotive sector.
Through this relationship, VINData will integrate its offerings into Inovatec’s platforms, giving finance companies across the United States and Canada “unprecedented” visibility into the histories of specific inventory to identify potential risks, and improve the management of their collateral portfolios.
The integration into the Inovatec LOS can enable finance companies to seamlessly access VINData information at the time of contract decisioning to quickly and easily evaluate used vehicle collateral risk.
Furthermore, the LMS integration can allows Inovatec clients to monitor the health of their collateral portfolio and identify potential risks before they become financially detrimental.
VINData provides DMV title and brand information, along with data from the National Motor Vehicle Title Information System (NMVTIS) regarding insurance loss and salvage and junk information.
Other data includes active and issued recall data, open liens, active thefts, and vehicle values from leading value guide providers Black Book and NADAGuides/J.D. Power and Manheim Market Report® (MMR).
“We are delighted to work with VINData and provide the company’s vehicle history and associated data to our lenders in a way that makes it easy for them to use,” Inovatec chief executive officer and co-founder of Vlad Kovacevic said in a news release.
“VINData’s highly customizable approach lets us tailor the data to meet specific lender requirements, and we anticipate that the offerings from VINData will be an important source of information to lenders who book multiple vehicle types, both in the U.S. and Canada,” Kovacevic continued.
VINData president Adam Siner added, “Inovatec is exactly the type of integration partner we look for.
“The company’s platform is the perfect conduit to deliver the real-time vehicle history and decisioning information that lenders need to optimize profits and reduce risk. We are very proud to partner with Inovatec and join their efforts to provide world-class services,” Siner went on to say.
Two service providers with international presences and leaderships now are working together to smooth customer journeys with digital solutions for finance companies and lenders throughout North America.
Inovatec Systems, based in Burnaby, British Columbia, recently reached a collaborative agreement Lightico, which has operations in New York and Tel Aviv.
Through this relationship, users can access Lightico’s robust, compliant, cost-efficient and secure capabilities directly through the Inovatec LOS.
Lightico delivers its capabilities through its Digital Completion Cloud, which is a no-code, mobile-first solution that can enable finance companies and lenders to quickly and seamlessly complete high-friction interactions such as loan originations or ACH servicing.
The Digital Completion Cloud can unify e-Signature, document collection, identification, plus verification, payment, and other capabilities. These enable interactions to be completed in a highly convenient, secure, and efficient multi-purpose channel.
“We are very proud to form this partnership with Lightico, which we believe will translate into very tangible benefits to clients looking to improve speed, accuracy, and compliance within the loan origination process,” Inovatec co-founder and chief executive officer Vlad Kovacevic said in a news release.
“Inovatec has always stressed the importance of integrating best-of-breed third-party solutions into our LOS, LMS, and direct consumer portals to deliver maximum value to our customers,” Kovacevic continued. “The relationship with Lightico reinforces our approach, and will ensure that the solutions we provide will remain relevant, affordable, and effective in a fast-changing market.”
Inovatec’s cloud-based solutions can enable finance companies and lenders to expedite underwriting and improve contract management through intelligent automation that can be customized to meet the exacting needs of users.
The company’s LOS and LMS platforms also can allow finance companies and lenders to change workflows and create new business processes as needed, ensuring that lenders can compete without compromising data security, privacy, and regulatory compliance.
In addition to its integration into its LOS platform, Inovatec plans to add Lightico’s e-Signature and workflow management features to its LMS Consumer Direct portal over the next several months.
“Inovatec has demonstrated a unique ability to create an ecosystem that is ideally suited to serve the requirements and expectations of lenders,” said Zviki Ben Ishay, chief executive officer and co-founder of Lightico. “We are delighted to work side-by-side with Inovatec and ensure that our customers can leverage the most efficient and reliable workflow management tools to succeed in this fast-paced, highly competitive market.
“There has never been a more critical time to integrate end-to-end digital completion technology to serve growing consumer demand for an Amazon-like experience in every single interaction with businesses,” Ben Ishay went on to say.
For information on Inovatec’s integrated loan origination system, loan management system and customer portal solution, visit www.inovatec.com. For more information about Lightico’s products and services, go to www.lightico.com.
Constant, a provider of digital loan servicing solutions, announced a partnership with Celerit, a veteran provider of technology services to the financial services industry.
Celerit, which has a 30-year history of supporting bank loan servicing shops and their core software platforms, will leverage Constant’s borrower self-service platform to help banking clients provide digital, personalized experiences that can allow customers to self-serve when managing their debt.
The companies said banks and credit unions are under increasing pressure to expand their digital presence, respond to borrowers faster and scale with less resources. However, Constant and Celerit pointed out that many institutions still rely on legacy core platforms that don’t support automation or self-service for bank customers.
Constant’s Modern Loan Servicing platform (MLS) can integrate with any core servicing platform to empower customer service agents to reduce the time to service an account through back-office automation and allow customers to self-serve for most loan servicing tasks.
“Celerit has an excellent reputation for improving loan servicing outcomes for financial institutions. We’re delighted to expand their offering with our MLS platform, which among many things moves high volume tasks to customer self-service channels,” Constant chief executive officer Catherine York Powers said.
“We redefine loan management across all debt types through automation in the back-office and delightful customer experiences that together drive down servicing costs,” York Powers continued.
Celerit chief executive officer Terry Rothwell added, “For more than 30 years banks and credit unions have trusted Celerit to bring them the most state-of-the-art technology and solutions. It’s not a responsibility we take lightly.
“In today’s crowded fintech space, Constant’s solution and its team stood out to us for their truly innovative technology,” Rothwell went on to say.
On Tuesday, Point Predictive, the San Diego-based company and former Emerging 8 honoree that provides artificial intelligence (AI) solutions to finance, announced a strategic partnership with Provenir, a global leader in AI-powered risk decisioning software for the fintech industry.
Available through the Provenir Marketplace, Point Predictive said its artificial and natural intelligence solutions can provide Provenir customers with increased underwriting automation, simplified data integration and solutions that can enable finance companies to fast-track applications with a low risk of default based on fraud or material misrepresentation.
Furthermore, the small percentage of applications with a high risk of fraud can be flagged for additional investigation, according to a news release.
“Provenir’s cloud-native data, AI and decisioning platform align perfectly with Point Predictive’s AI-based solutions,” Point Predictive chief executive officer Tim Grace said in the news release. “We are confident this partnership will empower Provenir customers to increase efficiency, streamline the lending experience, and be more competitive overall in the dynamic, digital lending marketplace.”
Provenir pointed out the strategic partnership with Point Predictive is growing proof that shared data, insight, and AI is the future of digital transformation in financing and fraud risk mitigation.
“We look forward to working with Point Predictive, a company that shares our philosophy that collaboration and automated decisioning workflows uncover insights that drive businesses forward,” said Carol Hamilton, senior vice president of global solutions at Provenir.
“Point Predictive’s sophisticated, data-based automation and fraud risk mitigation solutions — combined with Provenir’s proven AI-powered decisioning platform — will help customers increase profitability while decreasing risk,” Hamilton went on to say.
Point Predictive director of partnerships Andrew Stamps added these perspectives.
“Point Predictive and Provenir’s solutions complement one another in numerous ways,” Stamps said. “Ultimately, this partnership helps lenders operate faster and with more agility, resulting in greater levels of efficiency and success.”
As the global economy shifts and consumer credit markets evolve, TransUnion acknowledged that credit decisioning requirements have become even more complex and customized.
To address the rapidly evolving needs and priorities of financial institutions, TransUnion announced on Wednesday an expansion of its go-to-market strategy for decisioning solutions by including leading decisioning platforms within its global Strategic Alliance Distribution Partner Program.
TransUnion explained this expansion was driven by extensive research of how to best meet long-term decisioning needs within the financial services industry. TransUnion said the findings uncovered a growing need for more open and flexible platforms with self-service capabilities — both of which empower business users to change custom rules, add new data sources, and update custom risk models to adapt to the market in real-time.
To deliver the best service possible, TransUnion’s data and analytics solutions now also are available via Strategic Alliance partners for credit decisioning.
“Today’s announcement will ensure financial institutions — both large and small — gain access to world-class data and analytics solutions in rapid fashion,” TransUnion vice president of global platform partnerships Aaron Smith said in a news release.
“In selecting partners for the program, we engaged in a rigorous evaluation that included 130 categories and 20 sub-categories,” Smith continued. “Based on their assessment and our customers’ current and future needs, we partnered with industry-leading decisioning platforms such as GDS Link, Provenir, and others."
The new partners expand on TransUnion’s existing Strategic Alliance Distribution Partner Program, which includes leading providers within collections, loan origination systems, data analytics, core platforms, and more. The addition of decisioning providers will meet customers’ rapidly evolving needs for increasingly complex and custom decisioning requirements across the customer lifecycle.
“As a global leader in credit risk management, we are thrilled to join TransUnion’s Strategic Alliance Distribution Partner program for decisioning,” said Paul Greenwood, chief executive officer of GDS Link. “Our customer-centric decisioning automation platform, Modellica, coupled with TransUnion’s world-class data and analytics, provides a better experience for lenders and borrowers alike.
“Together, business users can expand upon the value of their TransUnion data, while they build, test, and deploy risk strategies in real-time without the need for heavy reliance on IT resources,” Greenwood added.
In addition to the agility and flexibility made possible by decisioning partners, TransUnion pointed out that business users also can greatly expedite the delivery of much-needed roadmap items and key functionality that can immediately solve for their requirements.
“Organizations must be able to make accurate credit decisions instantly to deliver superior customer experiences, and Provenir’s AI-powered decisioning platform makes it possible by bringing together the essential components of data, AI and decisioning,” said Kathy Stares, executive vice president, North America for Provenir. “We’re enjoying great success partnering with TU to help clients respond quickly to market changes and make smarter, real-time decisions.”
Find out more about TransUnion’s Strategic Alliance Distribution Partner Program network via this website.
