VeriFast Wins 2024 Proptech Breakthrough Award for Application Processing Solution of the Year
August 14 2024 - 3:10PM
Business Wire
AI-Powered Verification as a Service Platform
Recognized for Transforming Due Diligence on Lease Applications
VeriFast, the AI-powered verification-as-a-service platform that
automates financial analysis and decision making for tenant
screening, mortgage pre-approvals, underwriting and business
lending, has won the 2024 Proptech Breakthrough Award for
Application Processing Solution of the Year. The Proptech
Breakthrough Awards celebrate industry leaders in property
management technology. This honor reflects VeriFast’s impact on the
multifamily housing industry -- specifically providing landlords
with deep, holistic analyses of leasing applicants’ financial
strength.
Upon an applicant’s permission, VeriFast’s income verification
platform pulls unique data points from sources -- such as bank
statements, pay stubs, tax documents and government identification.
VeriFast’s artificial intelligence technology analyzes the data
within these documents to assess cash flow, income sources, rent
payment history, debt, account balances, purchasing behavior and
overdraft activity. Within minutes, VeriFast produces a
comprehensive report and analyses of the potential resident’s
financial health, allowing landlords and property managers to
identify and manage delinquency risk more accurately.
Applicants register with VeriFast only once. Their data is then
accessible, without charge, to the platform whenever they apply for
a unit with a property owner that uses VeriFast. The platform
safeguards applicant data and identity through gold-standard
encryption technology, security tools and monitoring.
“More than half of all landlords are renting units below market
rate just to avoid delinquencies,” said VeriFast co-founder and
chief executive officer Tim Ray. “By providing landlords with a
significantly deeper and sophisticated understanding of an
applicant’s financial standing than has ever been available,
landlords can quickly identify applicants that have the ability to
pay market rate and have a history of responsibility.”
Ray added: “Until now, the industry standard has been credit
reports and paystubs, both of which offer little insight when
looked at in a vacuum. Our platform takes a deeper dive into
accessible data that factors in gig work, lump sum payments,
inheritance and gifted money, current debt and many other
indicators of financial strength or weakness.”
“Preventing or managing delinquency is at the core of successful
portfolio growth and scalability. VeriFast is helping landlords
across North America increase their net operating income through
more informed leasing decisions.”
About VeriFast
VeriFast provides a single-source configurable API platform that
allows companies to immediately validate customers’ ability to pay
while eliminating fraud. Delivering deep analytics in minutes,
VeriFast provides powerful consumer – borrower insights far beyond
conventional credit checks. The company is based in Toronto and has
customers throughout North America. VeriFast is privately held. For
more information on VeriFast, please visit the company website at
www.verifast.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240814977094/en/
Media: Cameron Thomas for VeriFast cameron@verbfactory.com
416-660-9801