Paays Financial Technologies Inc., a Toronto-based fintech for automotive finance, has released the ID Verifier by Paays API, which it said is designed to prevent auto financing fraud.
In August, the company announced a partnership with RouteOne which integrated the ID Verifier (IDV) by Paays offering into the RouteOne financing platform, enabling an ID verification process for auto customers and dealers. Now with the addition of the Paays IDV API, it is providing it to auto lenders as well, a release stated.
Industry figures indicate that auto financing fraud has grown to a C$1 billion a year problem in Canada and with the push towards increasing digitization of customer car purchase journeys, the opportunity for fraud will expand even further, the company said.
