LoanPro partners with Finicity

Wednesday 10 November 2021 12:39 CET | News

US-based LoanPro, a tech-forward player in loan servicing software, has announced an agreement with Finicity, a Mastercard company and provider of Open Banking solutions.

LoanPro will utilise consumer-permissioned data and smart analytics from FinicityPay solutions to verify account ownership, fund loans, and mitigate payment failure and fraud. Using the LoanPro platform, customers can fund a loan, retrieve closing cost and origination fees, and set up recurring payments across mortgage, auto, medical, or personal lending.

As representatives say, the COVID-19 pandemic has increased consumers' adoption of digital payments, and as a result, financial institutions have witnessed an increased demand for digital loan repayment solutions. Access to consumer-permissioned data from an Open Banking network can improve payment success and mitigate payment failure and fraud.

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Keywords: partnership, Open Banking, data sharing, digital payments
Categories: Banking & Fintech
Countries: United States
This article is part of category

Banking & Fintech

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