Canadian integrated payment technology company VoPay has launched a partnership with unified lending 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 combining forces to further streamline the digitization of every part of the lending process for traditional, alternative, and embedded lenders,” the release said.
“While TurnKey Lender platform specializes in the automation of consumer and commercial credit, a meaningful integration with VoPay will allow for quick and efficient automated loan disbursements and installment collections, expanding the capabilities of lenders to meet customer payment preferences.”
The release cites a recent study by PYMNTS which found that accounts receivable departments spend 23.3% of their time managing payments.
The companies say that with their integrated technology, lenders can eliminate errors and the time they spend on manually processing loan payments and reconciliation.
“TurnKey Lender is renowned globally for their loan management innovation, and we are very pleased to be integrating our technologies and knowledge to create a super solution for lenders,” VoPay Founder and CEO Hamed Arbabi said in the release. “Our focus is to provide the most robust and quality payment experience in the lending industry across North America, and this strategic partnership helps to move that initiative forward.”
PYMNTS spoke last year with Elena Ionenko, co-founder and chief operating officer at TurnKey Lender, about how traditional financial institutions hold key data on their business customers, that gives them an edge over on 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 lending, you need to build specific credit scoring models, which can only be built if you have data.”