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VoPay and HES FinTech offer real-time payments for Canadian lenders

Monday 2 May 2022 10:22 CET | News

Canada-based payment processor VoPay has teamed with HES FinTech to enable Canadian lenders to access real-time bank account payments.

According to the Canadian Lenders Association, 82.1% of lenders use EFT bank account payments to disburse borrowers’ funds. However, the traditional process involves manual file processing and limited payment visibility. Lenders need to level up their payment stack to stand out in a competitive market that continues to expand. With Payments Canada’s real-time rail set to launch in 2023, the real-time payments market is expected to surge.

VoPay’s payment technology will be integrated with HES loan management solution, enabling lenders to access real-time payment capabilities, including instant funding of loans, augmenting the loan process. The partnership further enhances VoPay’s position as a provider of payment technology for lenders across North America.

As per Smarter Loans, in 2021, 53% of loan seekers received funds within 24 hours. As more and more lenders seek technology that prioritises speed, convenience, and customer experience, HES FinTech aims to capitalise on real-time funding payment options.


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Keywords: partnership, real-time payments, instant payments, payment processing, spend management
Categories: Banking & Fintech
Companies: HES FinTech, VoPay
Countries: Canada
This article is part of category

Banking & Fintech

HES FinTech

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VoPay

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