Canadian PayTech firm VoPay announced Wednesday, Nov 27, it has entered the Canadian Lenders Association (CLA) to help bolster digital lending growth across Canada.

In a press release, the innovative payment technology firm shared its delight with the latest move.

“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,” commented VoPay’s Founder & CEO, Hamed Arbabi.

Digital lending refers to the use of online technology to manage loans in order to enable financial services providers to remotely deliver digital products faster and more efficiently to their global clients. In Canada, digital lenders and funders are entering this alternative lending space with cheaper, faster, and automated services. This has led to a 159% growth in the market from 2016 to score a market value of $867.7 million in 2017, the statement wrote.

VoPay Joins Canadian Lenders Association

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Gary Schwartz, President of the Canadian Lenders Association (CLA), also added:

“We are excited to welcome VoPay as an affiliate member. 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.”

Founded in 2014, VoPay works as a leader in payments innovation that digitalizes online bank account payments with speed and transparency. By entering the Canadian Lenders Association (CLA), the PayTech firm is expected to receive necessary tools designed to help them innovate and grow in order to come up and develop safe and ethical lending practices that will best benefit the Canadian market.

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