Buyer verification specialist Sikoia introduced a strategic partnership with Tandem Financial institution.
The partnership will allow the digital financial institution to automate key components of its revenue verification and doc dealing with processes for mortgage brokers.
Based in 2021, Sikoia made its Finovate debut final 12 months at FinovateEurope 2024.
London-based buyer verification specialist Sikoia has sealed a strategic partnership cope with Tandem Financial institution. The partnership will allow the monetary establishment to automate particular components of its revenue verification and doc dealing with processes to spice up effectivity for mortgage brokers.
“Our partnership with Tandem Financial institution marks a key milestone in reworking revenue verification and doc processing for the mortgage trade,” Sikoia Founder and CEO Alexis Rog stated. “This collaboration goals to get rid of administrative burdens, guarantee constant and auditable decision-making, and finally improve the shopper expertise.”
Sikoia’s AI-powered Revenue and Employer Verification resolution helps monetary establishments keep away from a sometimes handbook, error-prone course of that takes lenders a median of half-hour per utility. As an alternative, Sikoia’s automated know-how provides rigorous doc integrity checks in seconds which allow firms like Tandem to offer mortgage brokers with quicker, extra correct responses. Sikoia’s resolution combines AI, conventional knowledge extraction strategies, and superior enterprise logic and categorization to automate key points of the verification course of — reminiscent of revenue, affordability assessments, and utility completeness. The answer gives 100% protection; works seamlessly with broker-submitted paperwork reminiscent of payslips, financial institution statements, and tax returns; and delivers enhanced accuracy and auditability. A user-friendly portal and an API guarantee straightforward and scalable integration into establishments’ present techniques.
“Tandem is beginning the brand new 12 months on a powerful be aware, and our partnership with Sikoia underscores this dedication,” Tandem Financial institution Director of Second Cost Gross sales and Distribution – Mortgage Division, Nigel Brookes, stated. “By harnessing their AI-driven know-how, we’re reworking a historically time-consuming course of right into a streamlined, environment friendly workflow — enabling quicker and extra correct service for our clients. This partnership displays our dedication to driving innovation and setting new benchmarks for effectivity and buyer satisfaction for second fees.”
Among the many U.Okay.’s oldest digital challenger banks, Tandem Financial institution was launched in 2014. The financial institution established itself by offering honest mortgages and financial savings merchandise, and by buying Harrods Financial institution in 2018. Tandem Financial institution’s mission to construct “the U.Okay.’s greener digital financial institution” turned evident in its 2020 acquisition of inexperienced residence enchancment mortgage specialist Allium Lending Group and, additional, with its 2022 merger with Oplo. In the present day, Tandem Financial institution provides financial savings accounts, mortgages, residence and car financing, residence enchancment loans, and inexperienced residence funding. Since inception, the establishment has offered greater than $644 million (£523 million) in inexperienced residence enchancment lending.
Headquartered in London and based in 2021, Sikoia made its Finovate debut at FinovateEurope final 12 months. On the convention, the fintech demonstrated its AI-powered utility doc processing know-how that gives prompt buyer suggestions; automated verification for revenue, employment, affordability, and extra; and a discount in doc dealing with prices and time of 75%.
Sikoia’s partnership with Tandem Financial institution comes days after the corporate introduced that it was working with U.Okay.-based specialist mortgage brokerage Y3S. Sikoia will assist the agency streamline its buyer verification processes for brokers and debtors.
“At Y3S, safeguarding our brokers and their purchasers is a prime precedence,” Y3S CEO Barney Drake stated. “Our partnership with Sikoia demonstrates our dedication to staying forward of the curve in fraud prevention and compliance, giving brokers better confidence within the options we provide.”
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