RouteOne and Paays Integrate to Help Dealerships Combat Fraud
TORONTO, Aug. 4, 2022 /CNW/ - RouteOne announces the integration of the Paays ID Verifier into the RouteOne platform to help automotive dealerships combat fraudulent loan activities. According to industry estimates, between $700 million and $1 billion in auto loan fraud occurs annually in Canada.
With this integration, RouteOne and Paays has enabled a secure end-to-end digital transmission of verified customer identity information between consumers, dealers, and finance sources through the RouteOne Credit Application System. Using an SMS link, consumers can easily complete the Paays ID Verifier process in under a minute on their smartphone. Verification results are available for dealers to review in the Paays Dealer Dashboard and for finance sources to receive in a RouteOne credit application, leading to more robust credit decision-making.
Since its formation 20 years ago, RouteOne has created innovative solutions to help the vehicle finance industry navigate an ever-changing marketplace. RouteOne continues to invest heavily in the platform to fulfill its commitment to industry leadership and continually improve its support for the dealer F&I process and a modern consumer experience.
Paays is a Toronto-based FinTech startup that provides digital identity, income verification, and pre-qualification solutions to automotive dealers and finance sources. The Paays ID Verifier targets identity fraud in vehicle purchases with an easy-to-use smartphone application using advanced artificial intelligence, biometric, and anti-fraud technologies.
Anthony Goulbourne, President of RouteOne Canada, said, "At RouteOne, we recognize the increasingcost of auto loan fraud to our dealer and finance source customers. Auto finance is moving increasingly towards digitization, and with this comes a heightened risk of fraud. We're pleased to integrate with Paays, who share our vision of creating better digital processes and outcomes for our customers while reducing fraud risks. The Paays ID Verifier solution helps target auto loan fraud and solves problems from both the dealer and finance source perspectives."
"This is a real game-changer for dealers and finance sources in Canada," said David Fry, Founder and CEO of Paays. "Both dealers and finance sources want to create better digital experiences for their customers, but they both also know that digital experiences need to be balanced against the increased risk of fraud. The Paays ID Verifier delivers on both, with a smooth digital experience for the customer and robust technology that helps stop fraud. With the RouteOne integration, the Paays ID Verifier easily slots into the existing credit application flow, creating a stronger process for dealers and finance sources, without the friction of additional external vendor integrations."
Dealers interested in using the Paays ID Verifier in RouteOne should contact their RouteOne Business Development Manager at 877.556.0003 or routeone.com/ca/about/our-team
RouteOne was formed in 2002 by Ally Financial, Ford Motor Credit Company, TD Auto Finance, and Toyota Financial Services to improve the F&I process for automobile dealers and their customers. Connecting thousands of dealers and finance sources in North America for vehicle financing, RouteOne's platform delivers a comprehensive suite of F&I solutions across multiple channels: in-store, online, mobile, and via third-party solutions. Its product line-up includes credit application, eContracting, menu, online/mobile retail services, and compliance. In addition, RouteOne enables dealer choice across a wide variety of best-in-class providers through open integrations with over 200 DSPs. More information is available at routeone.com.
Paays is a Toronto-based FinTech startup that provides digital identity, income verification, and pre-qualification solutions to automotive finance dealers and finance sources. The Paays ID Verifier targets identity fraud in vehicle purchases with an easy-to-use smartphone application using advanced artificial intelligence, biometric, and anti-fraud technologies. Learn more about Paays at paays.com
SOURCE Paays Financial Technologies Inc.