Wolters Kluwer Compliance Solutions has partnered with Informed.IQ to deliver artificial intelligence (AI)-driven document intelligence to improve vehicle lending lifecycle.
Both parties have agreed to distribute an automated technology solution for modernising the vehicle lending lifecycle by leveraging digitised processes and AI.
The offering uses Wolters Kluwer’s eVault capabilities with Informed.IQ’s AI copilot solution for the review, verification, and storage of financing documents.
The eVault technology offers lenders Digital Asset Certainty of authoritative loan records within an eAsset lifecycle management platform while Informed.IQ’s user interface faciltates a seamless journey for funding analysts.
This will result in a compliant and expedited path to capital market monetisation, real-time onboarding, rapid funding processes, and an improved finance and insurance experience for consumers, said the companies.
Wolters Kluwer Compliance Solutions executive vice president and general manager Vikram Savkar said: “The vehicle lending industry today is a complex mix of intricate, diverse systems—and often manual processes—involving collecting and validating disparate data from various sources.
“As a result, the financing workflow suffers from inefficiencies in contract tracking, portfolio management, and data consistency.”
Informed.IQ solution offers flexibility for underwriting, funding and portfolio management stages as well as integrates into a lender’s existing loan origination and processing workflows.
It is said to create a seamless review and validation of documents provided by consumers and dealers.
By leveraging over 60 million records processed, the solution addresses issues including income overstatement and understatement, fraud detection, legal compliance, and optimisation of loan underwriting.
Informed.IQ co-founder and CEO Justin Wickett said: “The integration with Wolters Kluwer technology accelerates automated verifications and funding for lenders by removing tedious integration work and providing a holistic approach to funding.
“Top lenders continue to embrace AI and digital-focused strategies as a competitive advantage, and together we are proud to offer a new, market-leading solution with our technology.”