VoPay Joins CLA to support digital lending growth across Canada
Canadian Lenders Association (CLA) provides its members with the tools to innovate and grow and to foster safe and ethical lending practices.
November 30, 2019 / 01:16 PM IST
VoPay, a leader in payment technology innovation, 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 percent from 2016 to achieve a market volume of USD 867.7 million in 2017.
VoPay’s Founder & CEO, Hamed Arbabi, said: “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.”