Paays introduces the most powerful API in the business to help stop auto financing fraud

TORONTO, October 5, 2022 - Paays Financial Technologies Inc. (“Paays”), a Toronto-based FinTech for Automotive Finance company today announced the release of the ID Verifier by Paays API (“Paays IDV API”), continuing its mission of providing the automotive industry with the advanced technology it needs to help stop auto financing fraud.

In August, Paays announced a partnership with RouteOne which integrated the ID Verifier by Paays solution into the RouteOne financing platform, enabling a seamless ID verification process for Auto Customers and Dealers. Now with the addition of the Paays IDV API, Paays is bringing the “seamless” to Auto Lenders as well.

Industry figures show that auto financing fraud has grown to a $1Bn/yr problem in Canada (US = ~$8Bn/yr), and with the push towards increasing digitization of Customer car purchase journeys, the opportunity for fraud will expand even further.

The new Paays IDV API is a first-of-its-kind solution that enables Lenders to interact directly with consumers to create new KYC (“know your customer”) transactions, and to retrieve existing KYC transaction results for credit applications submitted to them from their Dealer partners.

This flexibility in API architecture is also accompanied by significant robustness in validating both the ID document and the Customer. The Paays IDV API includes document, face-match and liveness checks, and also a number of other anti-fraud checks on devices, email addresses and credit bureau fraud checks. The combination of these makes the Paays IDV API the most powerful single API in the business!

In addition to Lenders, Paays is also making the IDV API available to potential partners in the automotive CRM, DMS and Desking solutions businesses, for them to easily integrate a high-powered digital KYC tool into their own Dealer-facing work-flow solutions.

The Paays IDV API is easy to integrate, with developer-friendly API documentation and Sandbox environments now available. With Auto Lender IDV API integrations already underway, Paays welcomes further integration inquiries from other Lenders and Partners. More information on API documentation and access is available by request, at paays.com.