December 13, 2018
Valeyo, Equifax deliver industry first integrating automated income verification into lending process
TORONTO--Equifax Inc. and Valeyo, a leading solutions provider of insurance products and technologies announced a strategic partnership to integrate Equifax's verifier solution, Verification Exchange into Valeyo's proprietary loan origination solution.
Verification Exchange is an income and employment verification solution that provides instant verifications between employers and verifiers, delivering speed and confidence in the income verification process. It securely provides verifiers, such as lenders, with current income verification from employers, reducing the dependency on applicant-provided information.
This solution is integrated into Valeyo's Loans Origination System (LOS), CRIterion; strengthening the lending process by providing secure and accurate income verification to help accelerate decisions and identify potential fraud of unsupported declared incomes. This solution also improves the user's experience, with a quicker, end-to-end approval process, so applicants can obtain the credit and services they need with fewer delays.
Verification Exchange is compliant with Canadian laws including privacy legislation. The solution helps to reduce fraud and mitigate risk throughout the entire verification process with automated system workflows, built-in compliance and requisite permissions.
"The integration of income verification within CRIterion is a first in Canada and we're excited to partner with Equifax to bring this solution to our partners," says Nicole Benson, CEO Valeyo. "We are focused on delivering the right technology and solutions that deliver instant results while mitigating fraud and believe this integration gives our partners a competitive advantage in an increasingly regulated market."
Adds Vanessa Giuliani, Vice-President, Workforce Solutions Canada, "providing instant access to income verifications is having a transformative effect on the market in Canada. The launch of this industry-first integration with Valeyo is an important step in the journey to improve income verifications for consumers and lenders alike."
Valeyo is a leading Canadian-based provider of insurance and delivery solutions to the financial services industry. At Valeyo our focus is on bringing together the right products, solutions and services to help our partners thrive. It's more than a promise. It's the foundation of how we work. And for more than 40 years, we have been creating the connections with people, partners and industry to drive collaboration, revenue growth and opportunity for all our partners.
Equifax is a global information solutions company that uses unique data, innovative analytics, technology and industry expertise to power organizations and individuals around the world by transforming knowledge into insights that help make more informed business and personal decisions. Headquartered in Atlanta, Ga., Equifax operates or has investments in 24 countries in North America, Central and South America, Europe and the Asia Pacific region. It is a member of Standard & Poor's (S&P) 500® Index, and its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. Equifax employs 10,400 employees worldwide.