Northlake and Paays partner to create faster income verification processes with less fraud in auto finance

TORONTO, June 12, 2023 - Paays Financial Technologies (“Paays”), a leading provider of FinTech for Auto Finance solutions, is pleased to announce today a new partnership with Northlake Financial (“Northlake”), a leading provider of automotive financing in Canada. Northlake will integrate the Income Verifier by Paays solution to improve the ease and speed of its income verification process and reduce the incidence of income and employment fraud occurring in auto finance applications.

Verification of income and employment has become an important part of the underwriting process for auto lenders. However, the current process involving 2-4 days, manual, paper-based gathering of bank statements, pay stubs and tax statements, leaves customers and dealers increasingly frustrated, and lenders increasingly subject to fraud. The solution to these problems is Income Verifier by Paays. Income Verifier provides a fast, easy, and secure way for customers to verify their income and employment, while significantly reducing the time it takes lenders to process this information and return a lending decision, along with reducing fraud.

By partnering with Paays, Northlake can significantly reduce the time required for customers to complete the income verification process, reduce internal resources required to process income verification, and significantly reduce the fraud involved in income and employment verification.

“We know our customers have a strong desire for more of the auto finance process to happen digitally, and to happen faster”, said Northlake CEO Tim Tremain. “Northlake is already the leading auto finance provider when it comes to delivering better and faster digital finance solutions to customers and dealers in Canada, and by partnering with Paays and implementing their Income Verifier solution, we can take this even further by providing smoother and safer digital experiences for both customers and dealers alike.”

Income Verifier by Paays is a unique digital app that enables customers to verify their income and employment through smooth and easy digital processes, eliminating or reducing the need for paper, along with the time it takes to complete an income verification process. The result is happier customers and dealers, reduced fraud, and more deals for lenders, given the huge reduction in processing time for income verification.

Both Northlake and Paays have a strong shared vision: a focus on improving customer journeys with smoother digital processes combined with modern FinTech and anti-fraud technologies. “We’re very excited to partner with Tim and the Northlake team”, said David Fry, Founder and CEO of Paays. “Income Verifier was built to reduce the time and friction in the income verification process, and reduce or eliminate the fraud occurring. By leveraging the Income Verifier solution, Northlake can create better and smoother digital customer journeys while also reducing the risk of fraud. We are excited to be working with Northlake and look forward to the positive impact that this partnership will have on the industry as a whole.”