VoPay, a leader in payments innovation, announced today its partnership with Inverite, the first Canadian designed, developed and focused real-time bank verification service, to deliver its open banking payments solution with coverage for over 285 Canadian Financial Institutions. The move towards open banking is presenting challenges for business in complying with a range of standards for accessing API-based networks and offering new payment options to consumers. VoPay simplifies the process for merchants by providing a single API integration to banking providers.
As a result of the partnership, business can now offer more consumers access to a streamlined bank payment experience while accelerating payment speed, verifying bank accounts and reducing NSFs.
The partnership is part of VoPay’s ongoing commitment as an open banking payments leader to offer one API to optimize EFT payment processing, in this case for new and existing Inverite customers. Existing customers will be able to take advantage of their existing data integration with Invertie by leveraging their data tokens and have users skip all the authorization access and bank account selection steps, further streamlining the payment check out experience.
Hamed Arbabi, VoPay CEO & Founder, said “We’re excited to add Inverite to our growing list of bank verification partners. Their Canadian credit union coverage is unmatched and will empower more consumers and businesses from coast to coast to benefit from enhanced EFT payments and help democratize the new payments reality.”
“VoPay is driving innovation in the Canadian payments space,” said Lloyd Evetts, Director of Business Development with Inverite, “and this partnership allows us to offer our clients reduced friction and improved customer satisfaction while opening new customer segments to VoPay.”
Through the partnership, VoPay will be connected to Inverite’s network of more than 285 financial institutions, providing the most comprehensive open banking EFT payments solution in Canada. Learn more about the VoPay + Inverite payment service at vopay.com/inverite
About VoPay International Inc.
VoPay is a leader in payment innovation offering a single API that instantly connects businesses to global banking and payment networks with speed and transparency. The company has one goal: to eliminate all payment inefficiencies, so businesses can focus on what they do best in today’s fast-paced digital economy. Discover the art of seamless and secure bank payments at vopay.com
About Inverite Verification Inc.
Inverite is a leading Canadian open banking and consumer-directed finance provider offering innovative, secure and cost-effective banking verification solutions to the financial services industry for income verification, credit decisioning, fraud reduction, and KYC/AML purposes. With support for over 285 Canadian financial institutions Inverite is the data provider of choice for many of Canada’s leading lenders, Fintechs and Paytechs. Learn more at: inverite.com