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To provide real-time document verification and fraud detection, Australian fintech Fortiro has teamed up with FileInvite with the aim of automating the loan application process via detecting “liar loans” for the Australian and New Zealand lenders.
Due to pressures on growth with rising inflation and interest rates, the new Fortiro and FileInvite partnership comes at a time when lenders are experiencing a fiercely competitive market along with reduced volume of loan applications.
According to Fiona Ridley, lending manager, personal lending at Bank Australia, FileInvite and Fortiro have made document collection and verification easy on their operations.
"We send our customers an invite requesting information and the software does the rest.
"It automatically follows up, issues reminders and sends all scanned documents to a single portal.
"We have removed all our previous processing pain points, meaningless backlogs and a faster 'time to yes'," Ridley said.
Victoria-based Bank Australia is one of the first lenders to benefit from the joint automated solution, which is designed to speed up the loan process for borrowers, brokers and bankers by simplifying document collection, automating document verification and preventing fraudulent credit applications, also known as "liar loans", where a customer has lied about their income and assets.
By automating the process of requesting and vetting finance application documents, banks and lenders are not only alerted to fraudulent paperwork, but streamline the lending process, which reduces costs and saves valuable time and resources in processing loan applications.
FileInvite is designed to streamline information collection from borrowers through a client portal, before automatically passing client mortgage and lending documents from borrowers to Fortiro Protect, which then provides an income verification and risk assessment in less than 30 seconds.
Fortiro uses analytics, image forensics, machine learning, optical character recognition and natural language processing to verify and detect if payslips, bank statements or other documents are valid or fraudulent.
According to Sean Quagliani, co-founder and CEO of Fortiro, the company is on a mission to help lenders grow by stopping document fraud and eliminating the friction associated with income document verification.
"Fortiro is ISO27001 certified and FileInvite holds SOC2 certification – security, speed and simplicity are top priorities.
"Every lender is looking for ways to improve decision times, reduce origination costs and improve the banker, broker and borrower experience.
"The integration with FileInvite provides lenders a fast, secure and scalable document collection and verification solution."
Fortiro is backed by OIF Ventures and serves a range of Australian and New Zealand customers including banks and non-bank lenders such as Athena Home Loans and Bank Australia. FileInvite, whose Australian customers include Aussie, Loan Market and Smartline removes the pain points of the application process. This includes delays in getting essential paperwork from customers and a reliance on email that is both inefficient and presents security risks with confidential documents sitting on email servers. FileInvite's document portal provides a seamless customer experience where documents can be uploaded, approved and processed in one secure platform.
James Sampson, founder and CEO of FileInvite, further explained that the company is aiming to transform the way people request and collect documents and information, enabling seamless digital experiences in document-heavy workflows, with technology designed to deliver secure, compliant, and efficient document and data collection.
"Our partnership with Fortiro gives lenders an innovative way to better manage client loan documentation and detect fraudulent applications, which plays an important role in processing information and ensuring regulatory compliance.
"With strategic partnerships like Fortiro Protect, we continue to provide unique and scalable digital solutions to strengthen loan application processes, tackle fraudulent activities and protect our customers' data.
"It's initiatives like this that are fuelling FileInvite's rapid growth in Australia and overseas and illustrates the customer demand for innovative and secure document collection solutions that eliminate fraud and friction in the financial sector," Sampson said.
[Related: NSW Police charge man over fraudulent cryptocurrency accounts]
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