VoPay and TurnKey Lender partner to power loan automation and digital payments
By Edlyn Cardoza
Canadian based VoPay, a leading provider of integrated payment technology, recently announced a strategic partnership with TurnKey Lender, a global leader in Unified Lending Management, delivering an AI-powered lending automation platform used by traditional, alternative, and embedded lenders in 50+ countries. This partnership provides lenders with an entirely digitised end-to-end process automation, observed to deliver a massive boost to their bottom line.
TurnKey Lender and VoPay are combining forces to streamline further the digitisation of every part of the lending process for traditional, alternative, and embedded lenders. While the TurnKey Lender platform specialises in the automation of consumer and commercial credit, a meaningful integration with VoPay will allow for quick and efficient automated loan disbursements and instalment collections, expanding the capabilities of lenders to meet customer payment preferences.
According to a recent study by PYMNTS, today’s Accounts Receivable departments are spending 23.3% of their time managing payments. With VoPay’s and TurnKey Lender’s integrated technology, lenders can eliminate errors and time spent on the manual processes of loan payments and reconciliations. Decreased FTE worker hours can shift to high-value tasks rather than following up on payment collection.
“TurnKey Lender is renowned globally for their loan management innovation, and we are very pleased to be integrating our technologies and knowledge to create a super solution for lenders,” says Hamed Arbabi, Founder & CEO of VoPay. “Our focus is to provide the most robust and quality payment experience in the lending industry across North America, and this strategic partnership helps to move that initiative forward.”
The solutions created by VoPay and TurnKey Lender will prove beneficial for banks and alternative finance providers alike. However, it is expected businesses willing to offer credit on their products and services to their clients in-house (embedded lending) will reap enormous benefits of all. Retailers, manufacturers, and healthcare providers will be able to deploy fully independent buy now, pay later, leasing, factoring, invoice financing, and other credit products right from the checkout.
“We’re excited to build a long-lasting and fruitful partnership with VoPay. Building a better future for financial technology is a global mega project in which companies like ours have a shared responsibility. Working together and combining efforts – makes the whole ecosystem safer, more efficient, and allows all of us to achieve more.” – comments Dmitry Voronenko, CEO of TurnKey Lender.
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