VoPay and HES FinTech partner to make real-time payments accessible to Canadian lenders

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VoPay and HES FinTech partner to make real-time payments accessible to Canadian lenders

By Edlyn Cardoza

Today

  • Canada
  • Digital Loan
  • Payments by EFT on bank account

VoPay, a leader in payment innovation, recently announced its partnership with HES FinTech, a lending software provider based in Europe, continuing the FinTech company’s growing loan management portfolio. The strategic partnership will enable Canadian lenders to access smarter lending technology and real-time bank account payments using a single, feature-rich solution, helping lenders scale while outperforming their competitors in the growing loan market.

HES provides configurable and powerful digital lending solutions. This strategic alliance becomes an important step in HES FinTech’s expansion strategy in the Canadian market, where the trend of real-time payments is gaining momentum.

According to Canadian Lenders Association, 82.1% of lenders use EFT payments to the bank account to disburse funds from borrowers. However, the traditional process involves slow, manual file processing and limited payment visibility. Lenders must increase their payment stack to stand out in a highly competitive market that continues to grow every day. Instant payments continue to gain traction in Canada, and with the launch of Payments Canada’s real-time rail service in 2023, the real-time payments market is set to thrive.

VoPay’s payment technology will be integrated with the HES loan management solution, allowing lenders to access real-time payment capabilities, including instant loan funding, simplifying the entire loan process.

“The Canadian lending landscape is going through a major transformation, from how loan applications are submitted digitally to how quickly payments are distributed, lenders are looking for ways to stay ahead of the game,” says Hamed Arbabi, CEO and Founder of VoPay. “HES FinTech was a natural partner for a partnership, with their extensive expertise in the lending software industry, we can offer a combined solution that can transform the lending experience. We look forward to building the partnership with HES FinTech and to see the benefits for our customers.

Same day loan financing is the new industry standard. According to Smarter loansin 2021, 53% of loan applicants received funds within 24 hours. As more and more lenders seek advanced technology that prioritizes speed, convenience and customer experience, HES FinTech is seizing the opportunity to capitalize on real-time funding payment options.

“We are pleased to begin our strategic partnership with VoPay, a well-known Canadian provider of digital payment solutions. This allows us to offer customers a fast and seamless integration to make their transactions secure and available at all times,” says Ivan Kovalenko, co-founder and CEO of HES FinTech. “We are excited to pool our deep domain expertise and market knowledge to create a lending platform that is powerful in taking our clients’ businesses to a new level.”

The partnership further strengthens VoPay’s position as the preferred provider of advanced payment technologies for lenders in North America.

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