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Axis and Paays partner to reduce ID fraud in auto finance

Axis and Paays partner to reduce ID fraud in auto financeAxis and Paays partner to create smoother digital customer experiences and reduce identity fraud in auto finance.

TORONTO, March 21, 2023 – Paays Financial Technologies (“Paays”), a leading provider of FinTech for Auto Finance solutions, is pleased to announce a new partnership with Axis Auto Finance (“Axis”), a leading provider of automotive financing in Canada. This partnership will focus on Axis using the ID Verifier by Paays identity verification (IDV) solution to enhance Axis’s customer journeys and reduce the incidence of identity fraud occurring in auto finance applications. 

The automotive financing industry is experiencing a rapid shift towards digitalization, with a growing number of consumers preferring to conduct their business online. However, as the industry moves towards digital channels, the risk of fraud has also increased. IDV Verifier by Paays is designed to help mitigate this risk by providing an easy and secure way to verify the identities of customers. 

By partnering with Paays, Axis can significantly improve the onboarding process for new customers and reduce friction in the auto finance application process. This reduces the time and resources required for manual identity verification processes, while also improving the customer experience by providing a more convenient and efficient onboarding process. 

“Whether the customer is engaging with Axis directly, or through one of our trusted dealer partners, we know that they have a strong desire for more of the auto finance process to happen digitally”, said Axis President Ilja Troitschanski. “Axis is at the leading edge of delivering better digital finance solutions to customers and dealers in Canada, and by partnering with Paays and implementing their ID Verifier solution into both our direct and indirect channels, we can provide smoother and safer digital experiences for both customers and dealers alike.” 

ID Verifier by Paays uses advanced artificial intelligence (AI), biometrics and optical character recognition (OCR) technologies to analyze and verify the authenticity of identity documents, providing a reliable and secure way to ensure that customers are who they claim to be. This helps to protect Axis and its customers from fraudulent activities, ultimately improving the overall security of the financing process.

The partnership between Paays and Axis brings together two companies with a shared vision on improving customer journeys with smoother digital processes combined with modern FinTech and anti-fraud technologies. “We’re very excited to partner with Axis”, said David Fry, Founder and CEO of Paays. “This a significant step towards the digitalization of the automotive financing  process in Canada. By leveraging the ID Verifier by Paays solution, Axis will be able to create a better and smoother digital customer journey while also reducing the risk of fraud. We are excited to be working with Axis Auto Finance and look forward to the positive impact that this partnership will have on the industry as a whole.”

About Axis Auto Finance

Axis is a financial technology company changing the way Canadians buy and finance used vehicles. Through our direct-to-consumer portal, DriveAxis.ca, customers can choose their next used vehicle, arrange financing, and get the car delivered to their home. In addition, the company continues to grow B2B non-prime auto loan originations by delivering innovative technology solutions and superior service to its Dealer Partner Network. All Axis auto loans report to Equifax, resulting in over 70% of customers seeing a significant improvement of their credit scores. Further information on Axis can be found at https://www.axisfinancegroup.com/investors-press releases/.

About Paays

Paays is a Toronto-based FinTech providing FinTech for auto finance solutions, including digital identity, income verification, and pre-qualification solutions to automotive finance dealers and lenders. ID Verifier by Paays targets identity fraud in auto finance with an easy-to-use smartphone-based application that uses advanced Artificial Intelligence, Biometric, and anti fraud technologies to verify the authenticity of a customer ID, match the face of the customer to the face on the ID, and to prove (in a purely digital experience) that the customer on the other side is actually a real live person. Learn more about ID Verifier by Paays at paays.com. Media inquiries to info@paays.com.