SAN DIEGO, Oct. 23, 2023 (GLOBE NEWSWIRE) -- Point Predictive's First- and Third-Party Fraud Solution API for Fintech was shortlisted for the Best Lendtech of the Year and Best Regtech of the Year at the 2023 US Fintech Awards. As the leader in AI and ML fraud solutions for the consumer lending industry, Point Predictive's newest API ranked high due to its unique selling points and differentiation from competitors, which include:
- The unparalleled ability to detect fraud resulting from inaccuracies in applications, enabling fintechs and lenders to proactively identify and mitigate potential risks before they become defaults.
- The ability to validate income and/or employment information and raise industry hit rates from 27% to a remarkable 100% at a reasonable cost.
- And, that it provides fintech and lenders access to a robust and reliable data source that covers both credit-visible and credit-invisible consumer populations, ensuring comprehensive coverage and accurate risk assessment in prime and sub-prime lending.
Designed exclusively for fintech and lenders, Point Predictive's cutting-edge API revolutionizes the loan decision automation process, instantly validating borrowers' income, employment, and identity risks. It validates incomes and employers in real-time, detects and alerts income misrepresentation and fake employers, and assigns a precise risk score that identifies identity theft, synthetic identity usage, Income and employment misrepresentations.
Tim Grace, CEO of Point Predictive adds, "Point Predictive's dedication to innovation and excellence shines brightly in our First- and Third-Party Fraud Solution API. Being recognized as finalists for both Best Lendtech and Best Regtech at the 2023 US Fintech Awards reaffirms our commitment to providing cutting-edge AI and ML fraud solutions. We are proud to empower fintech and lenders with the tools they need to make informed lending decisions and proactively manage risks. This recognition fuels our drive to continue pushing the boundaries of technology and delivering unparalleled value to our industry."
For more information about Point Predictive and its innovative fraud solutions, please visit https://pointpredictive.com/.
About Point Predictive
Headquartered in San Diego, California, Point Predictive powers a new level of lending confidence and speed through artificial intelligence, powerful data insight from our proprietary data repository, and decades of risk management expertise. The company's data and technology solutions quickly and accurately identify truthful and untruthful disclosures on loan applications. As a result, lenders can fund the majority of loans without requiring onerous documentation, such as paycheck stubs, utility bills, or bank statements, improving funding rates by 40-50% while reducing early payment default losses by more than 30-50%. Subsequently, borrowers get loans faster, and lenders realize a more profitable bottom line. For more information, please visit www.pointpredictive.com.
Contact
Jacqueline Silva
jacqueline.silva@pointpredictive.com
