- Inverite Insights Inc. (INVRF, Financial) updates Microcheck, allowing it to function independently of Instant Bank Verification (IBV).
- This change provides lenders with greater flexibility and new revenue opportunities.
- The platform enhances operational efficiency through automation and batch-processing capabilities.
Inverite Insights Inc. (INVRF), a leading AI-driven software provider, has introduced a significant upgrade to its Microcheck platform. This specialized database, which consolidates non-registered loan information in Canada, will now operate independently of Instant Bank Verification (IBV), functioning as a standalone API product. This pivotal change allows lenders to access crucial borrower creditworthiness data without requiring prior bank verification.
The update enhances operational flexibility for lenders, who can now initiate Microcheck transactions at any point in their adjudication process. This is particularly advantageous in scenarios where traditional credit bureau data is inadequate or unavailable. The enhanced platform supports automated batch-processing capabilities, streamlining decision-making workflows, and enabling lenders to handle large volumes of applications more efficiently.
This development reinforces Inverite's standing in the industry, providing end-to-end risk and verification solutions tailored for Canadian alternative lenders. By decoupling Microcheck from IBV, Inverite opens new revenue streams and improves transactional volumes, empowering lenders to make smarter, cost-effective decisions swiftly.
CEO Karim Nanji remarks, "By offering new revenue streams, increasing flexibility, and improving decision-making efficiency, we're not just enhancing our platform—we're empowering lenders to make smarter, more cost-effective decisions."
