VANCOUVER, British Columbia, July 16, 2019 (GLOBE NEWSWIRE) -- Inverite, the first Canadian designed, developed, and focused real-time bank verification service and an advocate of open banking, has joined the Canadian Lenders’ Association (CLA) as an affiliate member.

“Inverite is proud to become an affiliate member of the CLA,” said Lloyd Evetts, Inverite’s director of business development. “As one of the companies providing instant bank verification services to innovative lenders, we look forward to meaningful contribution to the CLA’s efforts to support a consumer-friendly lending industry in Canada.”

On acceptance into the CLA, affiliate members agree to act in accordance with the mission and purposes, which include supporting the growth of all aspects of Canada’s lending ecosystem including policy, advocacy, standards, innovation, and the adherence to and promotion of best practices. By adhering to CLA’s commitment to safe and ethical practices and displaying the CLA logo, affiliate members, like Inverite, set themselves apart as trusted brands.

“We are excited to welcome Inverite as an affiliate member,” said Gary Schwartz, President of the CLA. “Inverite has demonstrated a strong record of providing innovative fintech services to Canadian lenders. We look forward to working with Inverite and the rest of our members to influence policy in a way that promotes transparency and fosters responsible and ethical lending practices nation-wide.”

Inverite takes a keen interest in developments related to Canada’s Digital Charter as it is poised to lead to open banking in Canada, an initiative Inverite supports.

“Open banking is a promising international trend gaining domestic industry and government support,” says Evetts. “Open banking allows financial service providers to exchange consumer data and other information via digital channels, with consumers retaining the right to opt-in. The UKi, Australiaii, and the European Unioniii either have taken or are taking steps to implement open banking data sharing initiatives.”

While Open Banking is likely years away in Canada, with Inverite’s service, lenders today can access the same data that Open Banking will ultimately provide.

About Canadian Lenders Association
The CLA promotes transparency and fosters responsible and ethical lending practices. The association supports innovative lending nationally including the technology & business processes that are transforming our financing industry. To learn more about the CLA, please visit their website at: https://www.canadianlenders.org

About Inverite Verification
Inverite, launched in 2017, is a leading provider of innovative, cost-effective, and secure banking verification solutions to the financial industry for income verification, risk assessment, fraud reduction, and KYC/AML (know-your-customer and anti-money-laundering). They support over 240 Canadian financial institutions and include many of Canada’s leading lending fintech and paytech companies as clients, and support thirty-three financial institutions in Chile and Colombia.  To learn more about Inverite, please visit their website.



i https://www.openbanking.org.uk/

ii https://treasury.gov.au/consumer-data-right

iii https://www.openbankingeurope.eu/