Quovo launches new solutions for loan originators and servicers
Helping lenders improve key processes in the value chain
With a pair of new solutions announced this week, Income+Expense and Balance Estimator, financial data platform Quovo hopes to help lenders improve key processes in the lending value chain, reports David Penn at Finovate.
Chief product officer for Quovo, Niko Karvounis, says the new solutions represent “an opportunity to optimise the way our data products work together to provide an improved borrowing experience”. Income+Expense gives lenders a more complete view of cash flow by analysing and summarising recurring and irregular income and expense streams. Balance Estimator predicts future account balances as far as 30 days in advance by leveraging historical cash flow data.
The two new solutions can be combined with Quovo’s other technologies – like Aggregation and Authentication – to build a complete, end-to-end, lending solution.
Seeing significant opportunities for growth in the lending space, Quovo co-founder and CEO Lowell Putnam explains how the company will continue to leverage its technology to solve problems in a variety of markets. “We envision our solutions-based strategy, which combines our data products to address specific use cases across financial services, to be the future of our business,” Putnam says.
Quovo says it uses its APIs, modular apps, and enterprise solutions to provide insights and connectivity for millions of financial accounts across thousands of institutions.
Quovo began 2018 with the launch of Cue, an alerts engine that uses data science to send notifications to financial advisors about specific account activity or milestones in the client’s life. Also this year, Quovo forged a partnership with Great American Life to integrate data for its fee-based annuity.
Last December, Quovo leveraged its API layer to launch account aggregation modules that give financial institutions the ability to add PFM functionality to their digital platforms. And last autumn, the company introduced its new account authentication solution, Autoverified Microdeposits.
Founded in 2010 and headquartered in New York City, Quovo has raised more than $15 million in funding to date. Napier Park Global Capital, F-Prime Capital Partners, FinTech Collective, and Long Light Capital are among the company’s investors.
