Apr 10, 2018
Quovo, a fintech company that leverages data to provide insights alongside connectivity for financial accounts, announced on Tuesday the launch of its new products, Income + Expense, that equip lenders with insights to streamline and improve key processes in the lending value chain, adding to the company’s ability to assist with origination, funding, and ongoing servicing workflows.
According to Quovo, Income + Expense analyzes and summarizes recurring and irregular income and expense streams, creating a fuller picture of cash flow in linked accounts. Balance Estimator uses historical cash flows to predict future account balances up to 30 days in advance, giving loan servicers a key perspective on when customers can most effectively meet their payment obligations. Income + Expense and Balance Estimator also provides valuable cash-flow- based insights that can be combined with Quovo’s core data products, such as Aggregation and Authentication, to create end-to-end solutions for lending, from the first loan application to the last servicing event. While sharing more details about the products, Niko Karvounis, co-founder and Chief Product Officer of Quovo, stated:
“Quovo has long had clients from across the spectrum of financial services, including some of the country’s largest lenders, and we saw an opportunity to optimize the way our data products work together to provide an improved borrowing experience. And with two new products added to the mix—Income + Expense and Balance Estimator—we’ve significantly expanded our ability to help loan originators and servicers.”
Quovo co-founder and CEO Lowell Putnam then added:
“The lending space offers huge upside growth potential for Quovo, so we’re excited to launch products that can be bundled into solutions for lenders and borrowers to more effectively accomplish their goals. 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. We look forward to continuing to develop more integrated products and finding interesting ways to package them together to alleviate pain points in lending and financial services more broadly.”
The lending space offers huge upside growth potential for Quovo, so we’re excited to launch products that can be bundled into solutions for lenders and borrowers to more effectively accomplish their goals.
Lowell Putnam, Quovo co-founder and CEO