Canadian fraud detection provider Paays has formed a partnership with UK-based digital identity company Yoti, with the aim to reduce the risk of identity fraud in auto financing applications.
Paays will integrate Yoti’s ID verification technology with the ‘Paays ID Verifier’ solution, so that its customers can confirm an individual’s identity in real-time.
The Paays ID Verifier enables auto dealers and lenders to verify the identity of customers online, without having to rely on physical documents, resulting in faster lending decisions.
Yoti’s automated identity verification technology confirms the authenticity of identity documents.
Robin Tombs, chief executive officer of Yoti, said: “We’re excited to partner with Paays to strengthen the reliability and accuracy of identity checks for the Canadian auto financing sector.
“Finding the right balance between fraud and friction can be challenging. But our online identity verification gives customers a secure, simple and fast way to confirm their identity.
“Together with Paays, we can enable a smooth digital experience for customers, and reduce the risk of fraud.”
Earlier this year, Yoti received a £10 million investment from UK bank Lloyds Banking Group and, in October, it launched a digital identity app with the bank, called ‘Lloyds Bank Smart ID’.
David Fry, chief executive officer of Paays, said: “Both Paays and Yoti have a shared vision of creating better and safer digital processes for identity verification, with advanced technology to help reduce fraud.
“Paays has seen increasing demand for our ID Verifier solution from the auto financing space, along with other lending areas in Canada that are going digital.”
He added: “After an extensive due diligence and review process, combined with our own experience over the past year with ID Verifier, we are pleased to partner with a global identity verification provider like Yoti.”
Paays, which is based in Toronto, also offers anti-money laundering and income verification software solutions in Canada.