Informed.IQ teams with FIS to deliver faster loan validation
DALLAS, 24 January 2023 /PRNewswire/ — Informed.IQ, developer of AI-based software that verifies, streamlines and optimizes loan processing, collaborates with FIS®the leading provider of technology solutions for merchants, banks and capital markets firms, to deliver accurate consumer income calculations and applicant data validation, enabling lenders to make credit decisions faster and more accurately.
Informed’s relationship with FIS began when it participated in 2021 FIS Fintech Accelerator programwhich actively seeks new fintech startups, provides them with investment support and nurtures their creative ideas to bring innovative technologies to FIS clients.
Informed’s revenue validation API performs complex calculations to ensure accuracy, identify omissions and combat fraud. With a 99% accuracy rate and guaranteed service rates, lenders can now focus less on validating income and more on developing borrower relationships.
“FIS accepted Informed into their Fintech Accelerator Program and we are proud to be part of their next generation solutions for lenders,” said Justin Wickett, CEO of Informed.IQ. “We’ve helped millions of Americans get the interest rates they deserve on loans and will now be used by even more lenders.”
John Durrantadded President of Banking Solutions at FIS: “Our partnership with Informed.IQ is a great example of how supporting the fintech community benefits our customers and the wider business community.”
Informed’s technology goes beyond image recognition and confirmation of information in the document. The service compares buyer data against a database of 50 million records. Some of this data may include comparing payslips to known fraudulent templates and interpretation 401K withholding tax or accrued overtime. All this analysis and more is done in seconds. In addition to offering real-time contactless loan processing capabilities, Informed enables lenders to comply with regulatory requirements and be audit-ready in a precise and consistent manner.
About Informed.IQ
Informed uses AI and ML to instantly verify income, assets, housing, insurance, auto, credit, and more, enabling reliable, real-time credit decisions without bias. Informed’s ML models are trained to process hundreds of document types and consumer-approved data sources, automating determination approval for lenders. By 2022, Informed processed over 4 million consumer credit applications for major US lenders, automating over 110 billion dollars in loan assignments to date. Informed.IQ automates verifications with 99% accuracy in seconds with no humans in the loop. Originally focused on auto loans, where six of the top ten auto lenders use the solution, financial institutions now use Informed for mortgages, credit cards, personal and student loans and automated bank account openings. Founded in 2016, Informed.IQ raised 20 million dollars in 2021 from notable investors including Nyca Partners and US Venture Partners. To learn more, visit informediq.com or follow Informed on LinkedIn.
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SOURCE InformedIQ
