VANCOUVER, British Columbia, Oct. 10, 2019 (GLOBE NEWSWIRE) -- Inverite, the first Canadian designed, developed, and focused real-time bank verification service, today announces its entrance into Artificial Intelligence (AI) and machine learning with the release of their Risk Score service as well as related updates to its core Canadian Instant Banking Verification (IBV) service.
“Our Risk Score model has been trained from over a million banking verification requests,” said Lloyd Evetts, Inverite’s director of business development. “The model makes statistical predictions based on patterns in hundreds of millions of data points in customer transactions, behaviors, and profiles and returns a simple, actionable score indicating a customer’s current financial health.”
The Inverite Risk Score helps clients:
- Take Control by reducing default rates and maximizing growth. Customers with a better score will have a lower time-to-profit horizon so lenders can match their lending to capital availability.
- Reduce Costs by automating labour-intensive and costly financial review process while avoiding mistakes due to human error and bias. Risk Score costs a fraction of traditional credit-scoring measurements and competing services. Pricing remains unchanged at an industry-leading $0.75 CAD less volume discounts.
Inverite leverages this same machine-learning engine to provide additional applicant insights to IBV clients. Requests now contain At-a-glance customer summary information including income type, amount, and frequency and will predict the next three payroll dates.
“Our Risk Score service provides a new level of customer insights and allows lenders to automate their lending decisions while reducing costs and improving accuracy,” said Evetts from Inverite’s Vancouver head office.
About Inverite
Inverite is a leading Canadian open banking provider offering innovative, cost-effective, and secure banking verification solutions to the financial services industry for income verification, risk assessment, fraud reduction, and KYC/AML purposes. They support over 275 Canadian financial institutions including many of Canada’s leading lending fintech and paytech companies, as well as another thirty financial institutions in Chile and Colombia. Inverite is an affiliate member of the Canadian Lenders’ Association (CLA).
Business contact:
Lloyd Evetts
lloyd@inverite.com
778-558-2106