Australian fintech Fortiro and document sharing specialist FileInvite jointly offer real-time document verification and fraud detection to automate loan application processing in Australia and New Zealand.
FileInvite collects borrower information through a portal, then automatically forwards clients’ mortgage and loan documents to Fortiro Protect, which verifies income and assesses risk within 30 seconds.
Analysis, image forensics, machine learning, optical character recognition and natural language processing are applied to determine whether documents are valid or fraudulent.
One of the first customers is Bank Australia.
“FileInvite and Fortiro have made it easy to collect and verify documents. We send our customers an invitation requesting information and the software does the rest. It automatically tracks, issues reminders, and sends all scanned documents to a single portal We have removed all of our previous dealing with weak points, which means less arrears and a faster ‘response time’,” said Fiona Ridley, head of personal loans at Bank Australia.
The system reduces fraud and speeds up the loan process.
“Fortiro is on a mission to help lenders grow by stopping document fraud and eliminating the friction associated with verifying income documents,” said Sean Quagliani, co-founder and CEO of Fortiro.
“Every lender is looking for ways to improve decision times, reduce origination costs and improve the experience for banker, broker and borrower. We are excited to play a key role in realizing this this goal with FileInvite.
“The integration with FileInvite provides lenders with 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.”
FileInvite Founder and CEO, James Sampson, said, “FileInvite is transforming the way people request and collect documents and information, enabling seamless digital experiences in document-heavy workflows. Technology solves this problem by providing secure, compliant and efficient document and data collection.
“Our partnership with Fortiro provides lenders with an innovative way to better manage customer loan documentation and detect fraudulent applications, which plays an important role in processing information and ensuring regulatory compliance.”
He added, “With strategic partnerships like Fortiro Protect, we continue to deliver unique and scalable digital solutions to strengthen loan application processes, combat fraudulent activity, and protect our customers’ data.
“It’s initiatives like this that are fueling FileInvite’s rapid growth in Australia and overseas and exemplifying customer demand for innovative and secure document collection solutions that eliminate fraud and friction in the financial industry. .”
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