Canadian integrated payment technology company VoPay has launched a partnership with unified loan management company TurnKey Lender to provide lenders with fully digitized end-to-end process automation, according to a Tuesday, May 17 press release.
“TurnKey Lender and VoPay are joining forces to further streamline the digitization of every part of the lending process for traditional, alternative and integrated lenders,” the statement said.
“While the TurnKey Lender platform specializes in consumer and commercial credit automation, meaningful integration with VoPay will enable fast and efficient automated loan disbursements and installment collections, expanding lenders’ capabilities to meet customer payment preferences.
The statement cites a recent study by PYMNTS which found that accounts receivable departments spend 23.3% of their time handling payments.
The companies say that with their integrated technology, lenders can eliminate errors and the time they spend manually processing loan repayments and reconciliations.
“TurnKey Lender is recognized worldwide for its innovation in loan management, and we are very excited to integrate our technologies and knowledge to create a great solution for lenders,” said Hamed Arbabi, Founder and CEO. of VoPay, in the press release. “Our goal is to provide the strongest, highest quality payment experience in the lending industry in North America, and this strategic partnership helps drive that initiative forward.”
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PYMNTS spoke last year with Elena Ionenko, co-founder and COO of TurnKey Lender, about how traditional financial institutions hold key data about their business customers, giving them an edge over their FinTech rivals.
“Even today, FinTechs and non-bank lenders who offer different business loans online, in many cases, still process applications and make decisions manually,” she told PYMNTS. “In order to digitize the loan origination process for commercial loans, you need to create specific credit scoring models, which can only be created if you have data.”