Informed.IQ, developer of AI-based software that verifies, streamlines and optimizes loan processing, is collaborating with FIS®, the leading provider of technology solutions for merchants, banks and capital markets firms, to deliver accurate consumer income calculations and validation of applicant data, enabling lenders to make credit decisions faster and more accurately.
Informed’s relationship with FIS began when it participated in the 2021 FIS Fintech Accelerator program, which actively seeks new fintech startups, provides them with investment support, and nurtures their creative ideas to bring innovative technologies to FIS clients.
Also Read: Beryllium and Cuick Trac™ Secure Investment from Bema Capital
Informed’s income 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 gen solutions for lenders,” said Justin Wickett, CEO of Informed.IQ. “We have helped millions of Americans get the rate they deserve on loans and will now be used by even more lenders.”
John Durrant, President of Banking Solutions at FIS added, “Our collaboration with Informed.IQ is a prime example of how supporting the fintech community benefits our clients and the broader business community.”
Informed’s technology goes beyond image recognition and confirmation of information within the document. The service compares buyer data against a database of 50 million records. Some of this data can include comparing paystubs against known fraudulent templates and interpreting 401K withholdings or earned overtime. All of this analysis and more is done in a matter of seconds. In addition to providing real-time no touch loan processing capabilities, Informed enables lenders to comply with regulatory requirements and be audit-ready in a precise and uniform way.
SOURCE: PR Newswire