VoPay, a leader in payment technology innovation, is pleased to announce that it has become a member of the Canadian Lenders Association (CLA). The CLA provides its members with the tools to innovate and grow and to foster safe and ethical lending practices.
Digital lending uses technology platforms and software to manage loan processes which enables lenders to provide loans through more direct, streamlined and efficient methods. In Canada, new digital lenders and funders are entering the market with solutions that offer increased speed and convenience. This is causing positive growth in the alternative finance market, which witnessed a growth of 159% from 2016 to achieve a market volume of $867.7 million in 2017.
VoPay’s Founder & CEO, Hamed Arbabi, explained that, “We look forward to supporting the growing Canadian lending community and adding value with our understanding of the lending industry pain points such as NSFs, returned payments and PAD management. Through our streamlined payment solution we have optimized EFT payments in Canada by digitizing the PAD initiation, eliminating NSFs and offering near real-time funding.”
“We are excited to welcome VoPay as an affiliate member,” said Gary Schwartz, President of the CLA. “VoPay has demonstrated a strong record of providing innovative fintech services to Canadian lenders. We look forward to working with VoPay and the rest of our members to influence policy in a way that promotes transparency and fosters responsible and ethical lending practices nation-wide.”
VoPay’s solutions are now available and businesses can learn more on how to integrate at vopay.com.
VoPay is a leader in payment innovation, digitizing online bank account payments with speed and transparency. Our API connects digital enterprises to banking systems, enabling them to facilitate direct bank account payments just like credit cards – but better. At VoPay, we have one goal: to eliminate all payment inefficiencies, so businesses can focus on what they do best in today’s digital economy. Discover the art of seamless and secure bank payments at vopay.com.
About Canadian Lenders Association
The Canadian Lenders Association supports the growth of companies that are in the business of lending, or providing other means of credit, to small businesses and individuals by non-conventional or innovative means to exchange ideas and explore ways of improving the sector; encourage principled and professional practices by Innovative Lenders; educate the public at large about Innovative Lending; encourage individual potential borrowers to be informed about the appropriateness of Innovative Lending to the borrowers’ circumstance; and to advocate on behalf of, and represent the interests of Innovative Lenders.