Balancing Loan Approvals, Risk, and Compliance with Payliance’s Proven Solutions

In the lending industry, expanding your loan portfolio requires balancing growth with effective risk management while adhering to strict regulatory guidelines.

Payliance offers VeriTrac Account Verification, Card Verify, and the upcoming Visa Account Name Inquiry (ANI) to help lenders confidently increase loan approvals while maintaining strong compliance with regulations such as Know Your Customer (KYC), Anti-Money Laundering (AML), and consumer protection standards. These solutions streamline verification, enhance fraud detection, and ensure secure, compliant loan funding decisions.

Increase Loan Approval While Meeting Regulatory Requirements

Boosting loan approvals is essential for revenue growth, but it also increases exposure to risk and regulatory scrutiny. Payliance’s VeriTrac Account Verification enables lenders to instantly validate consumer bank accounts, ensuring compliance with KYC and AML requirements. By validating the legitimacy of borrowers’ financial accounts, lenders can reduce the risk of fraud, minimize bad debt, and demonstrate adherence to regulatory guidelines aimed at preventing illicit activity​.

Card Verify enhances the loan approval process by offering comprehensive real-time card validation. This solution consolidates critical data, including AVS, BIN, and card issuer information, allowing lenders to verify card eligibility for loan funding and repayment. This not only reduces the risk of fraud but also supports compliance with AML regulations by ensuring that funds are disbursed to valid, traceable accounts​.

The upcoming Visa Account Name Inquiry (ANI) feature, integrated into Card Verify, allows lenders to confirm that the cardholder’s name matches the information held by the issuing bank. This verification is critical for card-not-present transactions and aligns with KYC standards, helping to prevent identity theft and ensure that loans are issued to legitimate borrowers. By integrating this tool, lenders enhance their ability to comply with regulatory guidelines that require identity verification and anti-fraud measures​.

Streamline Loan Approvals and Ensure Compliance

Efficiency and regulatory compliance must go hand in hand in today’s lending environment. VeriTrac Account Verification simplifies the approval process by providing real-time validation of key applicant information. This automated process reduces manual workload and ensures that lenders meet regulatory obligations related to consumer identity verification and fraud prevention​.

By leveraging Card Verify alongside Visa ANI, lenders can add an extra layer of protection to their loan approval process. These tools help identify fraudulent cards, mismatched cardholder details, and other red flags, ensuring that only verified, legitimate borrowers are approved. This approach aligns with consumer protection laws and reduces exposure to non-compliance risks, such as failing to properly vet borrowers or disbursing funds to fraudulent accounts.

Achieve Sustainable Growth While Staying Compliant

In the highly regulated lending industry, lenders need solutions that not only drive growth but also ensure full compliance with KYC, AML, and other regulatory standards. Payliance’s solutions—VeriTrac Account Verification, Card Verify, and the forthcoming Visa ANI—provide the necessary tools to increase loan approvals without compromising on compliance or security. These solutions streamline verification processes, enhance fraud prevention, and optimize regulatory compliance, giving lenders the confidence to approve more loans while protecting their portfolios.

To learn more about how to grow your business while mitigating risk contact Payliance today.