A strategic partnership between insurance and tech firm Valeyo and credit information provider Equifax has been announced.
It means that Valeyo’s loan origination system (LOS) CRIterion will be strengthened by the integration of Equifax’s income and employment verification solution Verification Exchange.
"The integration of income verification within CRIterion is a first in Canada and we're excited to partner with Equifax to bring this solution to our partners," says Nicole Benson, CEO Valeyo. "We are focused on delivering the right technology and solutions that deliver instant results while mitigating fraud and believe this integration gives our partners a competitive advantage in an increasingly regulated market."
The automated process allows lenders to verify income and employment quickly and securely, reducing the need for applicant-provided information.
It results in a speedier approval process and a reduction in the risk of fraud from unsupported declared incomes.
“Providing instant access to income verifications is having a transformative effect on the market in Canada. The launch of this industry-first integration with Valeyo is an important step in the journey to improve income verifications for consumers and lenders alike," added Vanessa Giuliani, Vice-President, Equifax Workforce Solutions Canada.