Technology enables lenders to grow faster by minimising document collection and
verification friction, easing pressure, accelerating the loan process and detecting ‘liar
Sydney, Australia, 26 August 2022: 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 & 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 & New Zealand
customers including banks and non-bank lenders such as Athena Home Loans and Bank
“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.”
Integration with Fortiro Protect is exclusively available on FileInvite Enterprise Plans and requires a Fortiro Protect account. Contact sales to book a consulting session to learn more about this integration.
Founded in 2015, FileInvite helps businesses improve customer experience and increase productivity by simplifying the process of collecting documents and sharing information with customers. The SaaS platform provides an intuitive customer portal and automated workflows that enable users to digitally complete, sign and upload documents, send communications, and keep track of data requests. Built on the Amazon Web Services (AWS) cloud using industry best practices, FileInvite is SOC2 compliant and meets the privacy and security requirements for handling sensitive customer data.
The Protect platform was originally created in 2019 within PwC Australia, and was inspired by experience solving client problems around document fraud and automation. A combination of passionate individuals in technology, fraud, forensics and artificial intelligence created Protect within PwC.
Since then, Protect was spun-out from PwC into its own separate entity, Fortiro. The team who worked on Protect moved to Fortiro to keep growing the platform and have processed millions of documents from Australia and New Zealand, aiming to become the world’s industry utility for document authentication and verification. To find out more, please visit www.fortiro.com.