Banking Digital Payments News

LoanPro Enhances Loan Servicing Platform with Finicity’s Open Banking Network

LoanPro Enhances Loan Servicing Platform with Finicity's Open Banking Network

FinicityPay can boost accuracy, add security and help customers make more accurate payments

LoanPro, a tech-forward leader in loan servicing software, announced an agreement with Finicity, a Mastercard company and leading provider of open banking solutions. LoanPro will utilize consumer-permissioned data and smart analytics from FinicityPay solutions to verify account ownership, fund loans, and mitigate payment failure and fraud.

Finicity’s commitment to providing accurate and secure data in addition to focusing on streamlining the consumer experience aligns with LoanPro’s focus on data visibility and simplifying the complex.

Read More: FTC Strengthens Security Safeguards for Consumer Financial Information Following Widespread Data Breaches

Rhett Roberts, LoanPro’s CEO and co-founder of LoanPro, said, “We are pleased to be working with the top-quality team and brand of Finicity. Their products are an excellent complement to LoanPro in providing a complete solution to our customers. Our focus is to provide the most robust and quality user experience in the world for loan servicing, and this partnership helps to move that initiative forward.”

Consumer-permissioned data and real-time account verification capabilities simplify and improve the payment process for both the consumer and the loan servicer. Using the LoanPro platform, customers can fund a loan, retrieve closing cost and origination fees, and set up recurring payments across mortgage, auto, medical, or personal lending.

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“The COVID-19 pandemic has increased consumers” adoption of digital payments, and as a result, financial institutions have witnessed an increased demand for digital loan repayment solutions,” said Richard Kuhn, SVP of Business Development. “Access to consumer-permissioned data from an open banking network can improve payment success and mitigate payment failure and fraud.”

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[To share your insights with us, please write to sghosh@martechseries.com]

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