Targeting the pervasive problem of auto financing fraud, which will only get worse the more automated the buying process becomes, Paays Financial Technologies (“Paays”), has developed a new platform called ID Verifier by Paays API (“Paays IDV API”). This new product created by the Toronto-based FinTech for Automotive Finance company, “continues its mission of providing the automotive industry with the advanced technology it needs to help stop auto financing fraud.”
Paays announced this summer it had entered into a partnership with RouteOne which integrates the ID Verifier by Paays solution into the RouteOne financing platform, “enabling a seamless ID verification process for Auto Customers and Dealers.” Now with the addition of the Paays IDV API, Paays aims to bring the “seamless” to Auto Lenders as well.
Industry figures show that auto financing fraud has grown to a $1Bn/yr problem in Canada and with the push towards increasing digitization of customer car purchase journeys, the opportunity for fraud will expand even further.
The new Paays IDV API enables lenders to interact directly with consumers to create new KYC (“know your customer”) transactions, and to retrieve existing KYC transaction results for credit applications submitted to them from their dealer partners.
The Paays IDV API includes document, face-match and liveness checks, and also a number of other anti-fraud checks on devices, email addresses and credit bureau fraud checks. In addition to lenders, Paays is also making the IDV API available to potential partners in the automotive CRM, DMS and Desking solutions businesses, “for them to easily integrate a high-powered digital KYC tool into their own Dealer-facing work-flow solutions.”
