NEW YORK--(BUSINESS WIRE)--VeriFast, the AI-powered verification-as-a-service platform that automates financial analysis and decision making for tenant screening, mortgage pre-approvals, underwriting and business lending, has won the 2024 Proptech Breakthrough Award for Application Processing Solution of the Year. The Proptech Breakthrough Awards celebrate industry leaders in property management technology. This honor reflects VeriFast’s impact on the multifamily housing industry -- specifically providing landlords with deep, holistic analyses of leasing applicants’ financial strength.
Upon an applicant’s permission, VeriFast’s income verification platform pulls unique data points from sources -- such as bank statements, pay stubs, tax documents and government identification. VeriFast’s artificial intelligence technology analyzes the data within these documents to assess cash flow, income sources, rent payment history, debt, account balances, purchasing behavior and overdraft activity. Within minutes, VeriFast produces a comprehensive report and analyses of the potential resident’s financial health, allowing landlords and property managers to identify and manage delinquency risk more accurately.
Applicants register with VeriFast only once. Their data is then accessible, without charge, to the platform whenever they apply for a unit with a property owner that uses VeriFast. The platform safeguards applicant data and identity through gold-standard encryption technology, security tools and monitoring.
“More than half of all landlords are renting units below market rate just to avoid delinquencies,” said VeriFast co-founder and chief executive officer Tim Ray. “By providing landlords with a significantly deeper and sophisticated understanding of an applicant’s financial standing than has ever been available, landlords can quickly identify applicants that have the ability to pay market rate and have a history of responsibility.”
Ray added: “Until now, the industry standard has been credit reports and paystubs, both of which offer little insight when looked at in a vacuum. Our platform takes a deeper dive into accessible data that factors in gig work, lump sum payments, inheritance and gifted money, current debt and many other indicators of financial strength or weakness.”
“Preventing or managing delinquency is at the core of successful portfolio growth and scalability. VeriFast is helping landlords across North America increase their net operating income through more informed leasing decisions.”
About VeriFast
VeriFast provides a single-source configurable API platform that allows companies to immediately validate customers’ ability to pay while eliminating fraud. Delivering deep analytics in minutes, VeriFast provides powerful consumer – borrower insights far beyond conventional credit checks. The company is based in Toronto and has customers throughout North America. VeriFast is privately held. For more information on VeriFast, please visit the company website at www.verifast.com.
