Australian fintech Fortiro partners with document collection pioneer FileInvite to eliminate document fraud and friction
Australian fintech Fortiro has joined forces with FileInvite to provide real-time document verification and fraud detection to automate the loan application process for the Australian and New Zealand lenders.
The partnership comes at a time when lenders are experiencing new pressures on growth with rising inflation and interest rates, which is reducing the volume of loan applications in a fiercely competitive market.
Bank Australia is one of the first lenders to benefit from the joint automated solution, which speeds up the loan process for borrowers, brokers and bankers by simplifying document collection, automating document verification and preventing fraudulent credit applications, also known as ‘liar loans’ where a customer has lied about their income and assets.
FileInvite streamlines information collection from borrowers through a customer friendly client portal, then automatically passes client mortgage and lending documents from borrowers to Fortiro Protect, which provides an income verification and risk assessment in less than 30 seconds. Fortiro uses analytics, image forensics, machine learning, optical character recognition and natural language processing to verify and detect if payslips, bank statements or other documents are valid or fraudulent.
“FileInvite and Fortiro have made document collection and verification easy. We send our customers an invite requesting information and the software does the rest. It automatically follows up, issues reminders and sends all scanned documents to a single portal. We have removed all our previous processing pain points, meaning less backlogs and a faster ‘time to yes’,” said Fiona Ridley, Lending Manager – Personal Lending, Bank Australia.
By automating the process of requesting and vetting finance application documents, banks and lenders are not only alerted to fraudulent paperwork, but streamline the lending process, which reduces costs and saves valuable time and resources in processing loan applications.
Fortiro is backed by OIF Ventures and serves a range of Australian and New Zealand customers including banks and non-bank lenders such as Athena Home Loans and Bank Australia.
“Fortiro is on a mission to help lenders grow by stopping document fraud and eliminating the friction associated with income document verification. Every lender is looking for ways to improve decision times, reduce origination costs and improve the banker, broker and borrower experience. We’re excited to play a key role in meeting this objective with FileInvite,” said Sean Quagliani, Co-Founder and CEO of Fortiro.
“The integration with FileInvite provides lenders a fast, secure and scalable document collection and verification solution. Fortiro is ISO27001 certified and FileInvite holds SOC2 certification – security, speed and simplicity are top priorities.”
James Sampson, Founder and CEO of FileInvite, said, “FileInvite is transforming the way people request and collect documents and information, enabling seamless digital experiences in document-heavy workflows. Technology solves this by delivering secure, compliant, and efficient document and data collection.
“Our partnership with Fortiro gives lenders an innovative way to better manage client loan documentation and detect fraudulent applications, which plays an important role in processing information and ensuring regulatory compliance,” he adds.
FileInvite, whose Australian customers include Aussie, Loan Market and Smartline removes the pain points of the application process. This includes delays in getting essential paperwork from customers, and a reliance on email that is both inefficient and presents security risks with confidential documents sitting on email servers. FileInvite’s document portal provides a seamless customer experience where documents can be uploaded, approved and processed in one secure platform.
“With strategic partnerships like Fortiro Protect, we continue to provide unique and scalable digital solutions to strengthen loan application processes, tackle fraudulent activities and protect our customers’ data,” continues Sampson.
“It’s initiatives like this that are fuelling FileInvite’s rapid growth in Australia and overseas and illustrates the customer demand for innovative and secure document collection solutions that eliminate fraud and friction in the financial sector.”
