LoanPro Partners With Finicity To Boost Payment Security, Accuracy

Tech-forward, software-as-a-service (SaaS) startup LoanPro is partnering with Mastercard’s open banking solutions firm Finicity, according to a press release emailed to PYMNTS on Tuesday (Nov. 9).

The partnership gives LoanPro access to FinicityPay solutions, which include consumer-permissioned data, smart analytics, account ownership verification tools, and additional solutions to mitigate payment failure and fraud.

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Rhett Roberts, LoanPro CEO and co-founder, said that working with Finicity and utilizing its products will be “an excellent complement” to LoanPro in offering a “complete solution” to customers.

“Our focus is to provide the most robust and quality user experience in the world for loan servicing, and this partnership helps to move that initiative forward,” Roberts said.

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Finicity is focused on providing accurate and secure data and will ensure that the user experience aligns with LoanPro’s aim to offer data visibility and “simplify the complex.” Finicity specializes in consumer-permissioned data and simplifying real-time account verification, with the goal of streamlining the entire payment process for both customers and lenders.

“The COVID-19 pandemic has increased consumers’ adoption of digital payments, and as a result, financial institutions have witnessed an increased demand for digital loan repayment solutions,” said Richard Kuhn, SVP of Business Development. “Access to consumer-permissioned data from an open banking network can improve payment success and mitigate payment failure and fraud.”

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LoanPro targets data visibility and simplicity on a PCI, SOC I, & SOC II certified platform. The SaaS firm offers loan servicing, management, and collections software for tech-forward lenders. Its configuration-first, API-based lending solution is cloud-based and hosted on Amazon Web Services.