Informed.IQ teams with FIS to deliver faster lending validation
By Edlyn Cardoza
Informed.IQ, the developer of AI-based software that verifies, streamlines and optimises 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.
“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.”
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.
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.
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 information confirmation 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. In addition to providing real-time no-touch loan processing capabilities, Informed enables lenders to comply with regulatory requirements and be audit-ready precisely and uniformly.
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