Lenders Can Easily Integrate Payment Acceptance Functionalities Through a Simple API

BURNABY, BC / ACCESSWIRE / July 19, 2022 / Inovatec Systems, a major provider of industry-leading, cloud-based software solutions for lenders, announced it is partnering with VoPay to integrate payment processing capabilities into the Inovatec LOS and LMS platform. As a result of this relationship, lenders can offer a secure, efficient, and easy-to-use payment mechanism to businesses and consumers to enhance customer service, reduce delinquencies, and improve cash flow.

Vancouver-based VoPay delivers Payments-as-a-service solutions that are well-suited for lenders. Through a single API, the VoPay platform facilitates 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 lenders to send and collect payments without building their own infrastructure.

As a result of Inovatec's partnership with VoPay, lenders can instantly 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," noted Vlad Kovacevic, co-founder and chief executive officer of Inovatec. "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."

Inovatec's cloud-based technology enables lenders to streamline loan processing, decisioning, and management through intelligent automation that can be customized to meet the exacting needs of lenders. The company's capabilities allow lenders and other financing organizations to adjust workflows, and create new business processes as needed, ensuring that lenders can compete without compromising data security, privacy, and regulatory compliance.

"We are delighted to work with Inovatec, which has an exceptional reputation for innovation excellence in loan origination and loan management solutions," said Hamed Arbabi, founder and chief executive officer of VoPay, "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.:

For information on Inovatec's integrated loan origination system, loan management system, and customer portal solution, visit www.inovatec.com.

About Inovatec

Inovatec Systems Corporation's proven cloud-based loan origination and loan management solutions improve business outcomes for automotive, power sports equipment, and other lenders across North America. Inovatec's uniquely flexible platform empowers lenders to satisfy fast-changing customer requirements, increase revenue, reduce operating costs, and improve customer experiences-all through an intuitive, easy-to-configure and manage interface. For more information, please visit www.inovatec.com.

About VoPay

VoPay's Fintech-as-a-Service platform provides innovative, data-driven payment technology and embedded financial services to Canadian and American businesses. By integrating a single API, businesses can instantly connect to all major payment rails and leverage customer-centric information for better decision-making. Powering growth for customers ranging from loan initiation software vendors, investment platforms and automotive technology providers, VoPay offers intelligent solutions to automate payments using a unified platform. Discover VoPay's intelligent and secure bank account payment technology at VoPay.com.

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SOURCE: Inovatec Systems