Same-day loan funding is the new industry standard.
According to the Canadian Lenders Association, 82.1% of lenders use EFT bank account payments to disburse borrowers’ funds, however, the traditional process involves slow, manual file processing and limited payment visibility.
Instant payments continue to gain traction in Canada, and with Payments Canada’s real-time rail set to launch in 2023, the real-time payments market is expected to flourish.
The strategic partnership will enable Canadian lenders to access smarter loan technology and real-time bank account payments using a single solution with rich functionality, helping lenders to scale up while outperforming competitors in the growing lending market.
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, simplifying the entire loan process.
“The Canadian lending landscape is going through a major transformation, from how loan applications are submitted digitally to how fast payments are distributed, lenders are looking for ways to stay ahead of the curve,” says Hamed Arbabi, CEO and Founder of VoPay.
“HES FinTech was a natural fit for a partnership, with their extensive expertise in the loan software industry, we can offer a combined solution that can transform the lending experience. We look forward to building the partnership with HES FinTech and seeing the benefits for our customers.”
This strategic alliance becomes a major step in HES FinTech’s expansion strategy into the Canadian market, where the real-time payments trend is gaining momentum.
“We are happy to start our strategic partnership with VoPay, a well-known Canadian-based provider of digital payment solutions. It allows us to offer customers fast and seamless integration to make their transactions secure and available anytime” says Ivan Kovalenko, Co-Founder, and CEO of HES FinTech.
“We are excited to exchange our deep domain expertise and market insights to create a Lending Platform that is potent to take the business of our customers to a new level.”