How PayPlan + Precise ID Reduces Fraud, Minimizes Risk, Improves Operational Efficiency, and Drives Profitability

Precise identity verification data regarding your applicants is an essential in the era of modern digital lending —but in an era of fake identities, rising fraud, and increasingly complex compliance demands, that trust is harder than ever to verify. The difference between a thriving loan portfolio and mounting losses often comes down to how well you identify and manage fraud and risk.

That’s why PayPlan now integrates Precise ID, powered by Experian—giving lenders a powerful, automated way to verify identities, detect fraud risk, and predict first-payment defaults. With real-time identity insights, customizable risk thresholds, and deep fraud detection capabilities, lenders can now make faster, more confident lending decisions.

‍

‍

Why Identity Verification Is Essential 

Fraud isn’t just a security issue—it’s a profitability issue. The lenders who thrive in today’s market are the ones who detect risk early, automate smarter approvals, and stay ahead of evolving fraud tactics. This is essential for any lender who wants to rise above the competition and profitably scale their portfolios. 

With Precise ID embedded into PayPlan, you’re not just running identity checks—you’re building a lending engine that protects your capital, accelerates growth, and improves borrower trust.

‍

What Makes Precise ID in PayPlan a Game-Changer?

1. Fraud Prevention That Works in the Background
Many fraud solutions slow down the lending process with excessive manual reviews. Precise ID runs advanced identity verification behind the scenes, cross-referencing authoritative data sources to confirm identities before risk enters your portfolio.

💡 What this means for lenders: You can liminate fraudulent applications without delaying good borrowers—a win for both security and the customer experience.

2. Compliance Without the Headaches
KYC and regulatory requirements are non-negotiable, but they don’t have to be painful. Precise ID automates compliance checks, screening applicants against global watchlists and compliance databases so you can stay compliant without the extra workload.

💡 What this means for lenders: Less time spent on manual identity verification and more time optimizing your loan portfolio.

3. Instant Risk Thresholds for Smarter Approvals
Not all risks are equal, and not all lenders have the same tolerance. With Precise ID integrated into PayPlan’s Decision Engine, you can set your own risk thresholds for automated approvals, manual reviews, or declines.

• High Scores → Auto-approve if credit capacity checks out.
• Medium-range scores → Trigger manual review or additional verification steps.
• Low scores or risk flags → Route for further scrutiny or decline.

💡 What this means for lenders: You control how much risk you take on, automate approvals confidently, and scale your lending operation safely.

4. Predict Borrower Behavior Before It Becomes a Problem
Some borrowers pass identity verification but still pose financial risk. Precise ID includes a First Payment Default (FPD) Score, which predicts whether an applicant is likely to miss their very first payment.

💡 What this means for lenders: You can proactively adjust credit terms, decline high-risk borrowers, or implement stricter monitoring—before losses occur.

‍

Business Impact: A Safer, More Profitable Lending Business

• Lower Fraud & Default Rates – Identify bad actors and credit risks before they impact your bottom line.
• Faster, More Confident Approvals – Remove the guesswork and automate lending decisions with trusted data.
• Better Customer Experience – Approve good borrowers faster while keeping fraudsters out.
• Regulatory Peace of Mind – Automate compliance screening and reduce audit risks

.

‍

Precise ID Is Just the Beginning

Precise ID is one of over a thousand carefully designed features in PayPlan, built to make lending easier, faster, and more profitable. From automated decisioning to seamless compliance and risk management, PayPlan empowers lenders to run a thriving, high-performing lending business.

See how it all comes together. Book a demo today and discover how PayPlan helps you lend smarter, faster, and safer.

‍