VANCOUVER, British Columbia--(BUSINESS WIRE)--VoPay, a leader in payment innovation, announced today that it has partnered with HES FinTech, a European-based lending software vendor, continuing the fintech company’s growing loan management partner portfolio. The strategic partnership will enable Canadian lenders to access smarter loan technology and real-time bank account payments using a single solution with rich functionality, helping lenders to scale up while outperforming competitors in the growing lending market.
HES provides configurable and powerful out-of-the-box digital lending solutions. This strategic alliance becomes a major step in HES FinTech's expansion strategy into the Canadian market, where the real-time payments trend is gaining momentum.
According to the Canadian Lenders Association, 82.1% of lenders use EFT bank account payments to disburse borrowers' funds, however, the traditional process involves slow, manual file processing and limited payment visibility. Lenders need to level up their payment stack to stand out in a highly competitive market that continues to expand every day. Instant payments continue to gain traction in Canada, and with Payments Canada’s real-time rail set to launch in 2023, the real-time payments market is expected to flourish.
VoPay’s payment technology will be integrated with HES loan management solution, enabling lenders to access real-time payment capabilities, including instant funding of loans, simplifying the entire loan process.
“The Canadian lending landscape is going through a major transformation, from how loan applications are submitted digitally to how fast payments are distributed, lenders are looking for ways to stay ahead of the curve,” says Hamed Arbabi, CEO and Founder of VoPay. “HES FinTech was a natural fit for a partnership, with their extensive expertise in the loan software industry, we can offer a combined solution that can transform the lending experience. We look forward to building the partnership with HES FinTech and seeing the benefits for our customers.”
Same-day loan funding is the new industry standard. According to Smarter Loans, in 2021, 53% of loan seekers received funds within 24 hours. As more and more lenders seek cutting-edge technology that prioritizes speed, convenience, and customer experience, HES FinTech seizes the opportunity to capitalize on real-time funding payment options.
“We are happy to start our strategic partnership with VoPay, a well-known Canadian-based provider of digital payment solutions. It allows us to offer customers fast and seamless integration to make their transactions secure and available anytime” says Ivan Kovalenko, Co-Founder, and CEO of HES FinTech. “We are excited to exchange our deep domain expertise and market insights to create a Lending Platform that is potent to take the business of our customers to a new level.”
The partnership further accelerates VoPay’s position as the preferred provider of industry-leading payment technology for lenders across North America.
VoPay x HES FinTech’s integrated lending solutions are available now, contact us today to learn more: vopay.com
About VoPay: VoPay’s Fintech-as-a-Service platform embeds financial services and payment capabilities into existing applications, products or services through a single and scalable API. VoPay’s unified payment technology stack eliminates the need to build the infrastructure and integrate multiple, disparate financial systems. Businesses can go to market faster and offer innovative financial solutions to their customers.
Discover VoPay’s intelligent and secure bank account payment technology at: vopay.com
About HES FinTech: HES FinTech is one of the leaders in providing financial institutions with intelligent lending platforms that drive automation and increase revenue. With 160 clients in over 30 countries, HES Fintech automates loan origination, loan management, and debt collection. HES LoanBox, their readymade software for loan origination and loan management, is based on their 10-year experience in developing lending solutions. The platform includes digital onboarding, credit scoring, notifications, data validation modules, payment processing, analytics, and reporting.
Learn more about HES Lending solutions at: hesfintech.com