2nd November 2023, London, UK – Paays Financial Technologies Inc. (“Paays”), a leading provider of Fraud Detection, KYC, AML and Income Verification software solutions in Canada, is pleased to announce a new partnership with Yoti, a leading digital identity company. Paays will integrate Yoti’s identity verification technology with the Paays ID Verifier solution, to streamline the customer journey, strengthen identity checks and reduce the risk of fraud in auto finance applications.
Lenders and dealers in auto finance are seeing increasing customer demand for digital processes. The Paays ID Verifier enables auto dealers and lenders to verify the identity of customers online, without relying on physical documents, enabling faster lending decisions, with more digital solutions and less paperwork. With Yoti’s identity verification technology, Paays’ customers can confirm identities of individuals in real-time, through a secure, fast, and seamless online process.
As with other Paays digital solutions, ID Verifier improves the onboarding experience for new customers and reduces the risk of identity fraud. Yoti’s automated identity verification technology confirms the authenticity of identity documents, ensuring every customer account is genuine and accurate. This is especially important for highly regulated sectors which have a higher risk of fraud.
Robin Tombs, CEO of Yoti said, “We’re excited to partner with Paays to strengthen the reliability and accuracy of identity checks for the Canadian auto financing sector. Finding the right balance between fraud and friction can be challenging. But our online identity verification gives customers a secure, simple and fast way to confirm their identity. Together with Paays, we can enable a smooth digital experience for customers, and reduce the risk of fraud.”
David Fry, CEO of Paays said, “Both Paays and Yoti have a shared vision of creating better and safer digital processes for identity verification, with advanced technology to help reduce fraud. Paays has seen increasing demand for our ID Verifier solution from the auto financing space, along with other lending areas in Canada that are going digital. After an extensive due-diligence and review process, combined with our own experience over the past year with ID Verifier, we are pleased to partner with a global identity verification provider like Yoti.
Notes to editors
Based in Toronto, Paays provides several digital solutions to expedite and improve loan origination processes and workflows in auto finance, and beyond. Included in its product portfolio is ID Verifier, a digital tool that authenticates the identity of loan applicants, Income Verifier, a solution that provides applicants with three digital options to substantiate income and employment, Fraud Check, a solution that enables lenders to stop bad actors anywhere in the application process, and AML Check for lenders with FINTRAC AML requirements. Together, Paays’ digital solutions significantly reduce the time to process loan documentation from days to minutes, accelerating conversion and satisfying the requirements of both lenders and consumers.
Yoti is a digital identity technology company that makes it safer for people to prove who they are, verifying identities and trusted credentials online and in-person. They now provide verification solutions across the globe, spanning identity verification, age verification, document eSigning, access management, and authentication and leading facial age estimation. Over 13 million people have downloaded the free Yoti Digital ID app across the world. It is available in English, Spanish, French, German, Portuguese and Polish. Yoti is certified to ISO/IEC 27001:2013 for ID Verification Services, ISO 27701 for data privacy, and SAE 3000 (SOC 2) Type 2 certified for its technical and organisational security processes. For more information, please visit www.yoti.com.
Yoti is a member of the DIACC, the Pan-Canadian Trust Framework, and the Canadian Lenders Association (CLA). The DIACC (Digital Identity & Authentication Council of Canada) is a non-profit organisation dedicated to advancing the development and adoption of secure, trusted, and privacy-enhancing digital identity solutions in Canada.