REPAY and Inovatec Systems Corp Expand Partnership to Streamline Funding Process for Lenders

Rhea-AI Summary

Repay Holdings Corporation (NASDAQ: RPAY) has announced an expanded partnership with Inovatec Systems Corp. to enhance the lending process for consumers and lenders in the US and Canada. The integration will allow lenders to instantly fund loans directly to borrowers' debit cards, improving speed and convenience. This new feature will be integrated into Inovatec's platform, enabling lenders to use REPAY's technology without switching systems. Starting in 2022, REPAY will also allow remote cash acceptance for payments, further enhancing service delivery.

Positive

• Expanded partnership with Inovatec enhances lending process.
• Instant funding to consumers' debit cards increases speed and convenience.
• New features to be implemented without system changes.
• Remote cash acceptance set to launch in 2022 for improved payment options.

Negative

• None.

Enhanced integration configured to enable lenders to instantly push funds to consumers’ debit cards via REPAY Instant Funding

ATLANTA--(BUSINESS WIRE)-- Repay Holdings Corporation (NASDAQ: RPAY) (“REPAY”), a leading provider of vertically-integrated payment solutions, today announced its expanded partnership with Inovatec Systems Corp., a provider of industry-leading, cloud-based lending solutions for all financial institutions.

The extended integration between REPAY and Inovatec will streamline the funding process for lenders on the Inovatec system, which will be configured to enable them to instantly fund loans from the same interface they use today. Without having to switch systems or platforms, lenders can electronically send funds directly to borrowers’ eligible debit and prepaid cards, eliminating costly and inconvenient delays and providing consumers with instant access to funds. Inovatec lenders and finance companies will continue to leverage REPAY solutions to securely accept debit cards, credit cards, ACH and EFT payments through a digital suite of consumer-facing payment channels, including text pay, Interactive Voice Response (IVR) phone pay, the REPAY mobile app, and online payment portals.

A leader in business process automation, Inovatec’s configurable loan servicing and customer engagement platform provides full servicing capabilities and portfolio analytics while allowing businesses to create customized processes and workflows throughout the lifecycle of a loan or lease.

“Our partnership over the past year with Inovatec has shown the power and value of our integrated solutions, and we look forward to growing and expanding our relationship to help lenders in the US and Canada,” said Susan Perlmutter, Chief Revenue Officer of REPAY. “As the lending process continues to shift rapidly to digital-first, speed to funding is becoming crucial to the consumer experience, so we’re excited to allow Inovatec lenders to seamlessly access our Instant Funding technology.”

Beginning in 2022, REPAY will enable Inovatec lenders to offer remote cash acceptance, which will further increase the convenient options for lenders’ customers to make payments.

“We’re thrilled to expand our partnership with REPAY to make the lending process that much faster for both lenders and consumers,” said Sam Heath, Chief Revenue Officer of Inovatec. “As we continue to look for ways to improve lending both in the US and Canada, REPAY will play an important role in delivering the industry-leading products our customers have come to rely on from Inovatec, creating better experiences and more profitable outcomes.”

About REPAY
REPAY provides integrated payment processing solutions to verticals that have specific transaction processing needs. REPAY’s proprietary, integrated payment technology platform reduces the complexity of electronic payments for merchants, while enhancing the overall experience for consumers and businesses.

About Inovatec Systems Corp.
Inovatec Systems Corporation is committed to providing modern end-to-end solutions and improving outcomes for lenders in North America. As an industry-leading provider of cloud-based lending solutions, Inovatec’s suite provides businesses with a flexible and intuitive platform. Inovatec’s success-based pricing disrupts standard practice by allowing lenders to only pay for the transactions they book—an industry first. For more information, please visit https://www.inovatec.com/.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211027005159/en/

Investor Relations for REPAY:

repayIR@icrinc.com

Media Relations for REPAY:

Kristen Hoyman

khoyman@repay.com

Media Relations for Inovatec:

Suzanne Mattaboni

Parallel Communications Group, Inc.

610-737-2140

smattaboni@parallelpr.com

Source: Repay Holdings Corporation

FAQ

What is the recent partnership involving RPAY about?

Repay Holdings Corporation has expanded its partnership with Inovatec Systems Corp. to enhance the lending process by enabling instant funding to consumers' debit cards.

When will the new remote cash acceptance feature be available for RPAY?

The remote cash acceptance feature will begin in 2022, providing increased payment options for customers.

How does the partnership with Inovatec benefit RPAY customers?

The partnership will streamline loan funding processes, allowing for quicker access to funds for consumers and improved efficiency for lenders.

What are the key features of the REPAY Instant Funding technology?

REPAY Instant Funding technology allows lenders to electronically send funds directly to borrowers' eligible debit and prepaid cards from their existing interface.

What markets will RPAY serve with the expanded partnership?

The partnership with Inovatec will serve lenders in both the US and Canada.