Buyer verification specialist Sikoia introduced a strategic partnership with Tandem Financial institution.
The partnership will allow the digital financial institution to automate key elements of its earnings verification and doc dealing with processes for mortgage brokers.
Based in 2021, Sikoia made its Finovate debut final yr at FinovateEurope 2024.
London-based buyer verification specialist Sikoia has sealed a strategic partnership take care of Tandem Financial institution. The partnership will allow the monetary establishment to automate particular elements of its earnings verification and doc dealing with processes to spice up effectivity for mortgage brokers.
“Our partnership with Tandem Financial institution marks a key milestone in remodeling earnings verification and doc processing for the mortgage business,” Sikoia Founder and CEO Alexis Rog stated. “This collaboration goals to eradicate administrative burdens, guarantee constant and auditable decision-making, and in the end improve the shopper expertise.”
Sikoia’s AI-powered Revenue and Employer Verification answer helps monetary establishments keep away from a usually handbook, error-prone course of that takes lenders a median of half-hour per software. As an alternative, Sikoia’s automated expertise affords rigorous doc integrity checks in seconds which allow corporations like Tandem to offer mortgage brokers with quicker, extra correct responses. Sikoia’s answer combines AI, conventional knowledge extraction strategies, and superior enterprise logic and categorization to automate key elements of the verification course of — similar to earnings, affordability assessments, and software completeness. The answer supplies 100% protection; works seamlessly with broker-submitted paperwork similar to payslips, financial institution statements, and tax returns; and delivers enhanced accuracy and auditability. A user-friendly portal and an API guarantee simple and scalable integration into establishments’ present programs.
“Tandem is beginning the brand new yr on a robust notice, and our partnership with Sikoia underscores this dedication,” Tandem Financial institution Director of Second Cost Gross sales and Distribution – Mortgage Division, Nigel Brookes, stated. “By harnessing their AI-driven expertise, we’re remodeling a historically time-consuming course of right into a streamlined, environment friendly workflow — enabling quicker and extra correct service for our prospects. This partnership displays our dedication to driving innovation and setting new benchmarks for effectivity and buyer satisfaction for second expenses.”
Among the many U.Okay.’s oldest digital challenger banks, Tandem Financial institution was launched in 2014. The financial institution established itself by offering honest mortgages and financial savings merchandise, and by buying Harrods Financial institution in 2018. Tandem Financial institution’s mission to construct “the U.Okay.’s greener digital financial institution” turned evident in its 2020 acquisition of inexperienced house enchancment mortgage specialist Allium Lending Group and, additional, with its 2022 merger with Oplo. At this time, Tandem Financial institution affords financial savings accounts, mortgages, house and vehicle financing, house enchancment loans, and inexperienced house funding. Since inception, the establishment has offered greater than $644 million (£523 million) in inexperienced house enchancment lending.
Headquartered in London and based in 2021, Sikoia made its Finovate debut at FinovateEurope final yr. On the convention, the fintech demonstrated its AI-powered software doc processing expertise that gives on the spot buyer suggestions; automated verification for earnings, employment, affordability, and extra; and a discount in doc dealing with prices and time of 75%.
Sikoia’s partnership with Tandem Financial institution comes days after the corporate introduced that it was working with U.Okay.-based specialist mortgage brokerage Y3S. Sikoia will assist the agency streamline its buyer verification processes for brokers and debtors.
“At Y3S, safeguarding our brokers and their purchasers is a high precedence,” Y3S CEO Barney Drake stated. “Our partnership with Sikoia demonstrates our dedication to staying forward of the curve in fraud prevention and compliance, giving brokers better confidence within the options we provide.”
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