Ocrolus Forms Partnership With FormFree For Faster Credit Decisions
April 21, 2020
Ocrolus, a fintech infrastructure company that transforms documents into actionable data, has announced a partnership with FormFree, a fintech provider of credit decisioning services. FormFree’s Passport all-in-one asset, employment and income verification service now includes API calls to Ocrolus for paystub and W-2 tax form collection and data verification.
FormFree’s partnership with Ocrolus enables Passport to ingest data from paystubs submitted in PDF or cellphone photo format. Passport can also pull income data directly from payroll providers with a consumer’s permission.
“Income verification is a critical factor in assessing a borrower’s ability to repay a loan,” said FormFree CEO Brent Chandler. “Enabling lenders to corroborate images of paystubs against digital data sources allows them to make credit decisions with a high level of confidence.”
As Ocrolus digitizes data from submitted paystubs and W-2 documents, Passport corroborates that data against public and proprietary sources to validate that the stated employer is a real company with whom the loan applicant has a verifiable connection. Next, the program compares the paystub data against consumer asset data to calculate annual net pay and gross income. The verified asset, income and employment data points are then instantaneously pushed to the lender systems such as point-of-sale platforms, loan origination software and automated underwriting systems.
“We developed Ocrolus to analyze documents of any format or quality with over 99% accuracy,” said Sam Bobley, CEO of Ocrolus. “Incorporating our capabilities within Passport provides lenders with precisely accurate data for financial decisioning.”
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