OLA Recognizes MicroBilt as 2012 Innovator of the Year
Monday, October 15, 2012
Posted by: Liz Jones
Adaptive Payments and ConnectMedia Ventures named runners up
Online lenders Alliance (OLA) is pleased to announce that MicroBilt Corporation
is the recipient of the 2012 OLA Innovator of the Year prize for its new
verification software that enhances the customer experience by enabling
borrowers to efficiently move through the loan process and access deposits in a
"The OLA Innovator of the Year
award is about developing groundbreaking financial products that better serve
the customer," said OLA President and CEO Lisa McGreevy. "MicroBilt
has truly shown leadership with its new product, Instant Bank Verification
(IBV), and we are extremely pleased to honor them as Innovator of the
IBV increases the convenience for
consumers in online lending by allowing fully automated loan decision making.
The result is faster loan approvals and cash in the hands of consumers sooner.
Consumers enter the required information that they would normally provide and
IBV does the rest. The software verifies the consumer bank account information,
as well as employment and payroll information, reducing the amount of
verification time that consumers spend with a call center prior to receiving
their loan. Moreover, consumers are afforded better loan options based on
real-time banking data. Prior to IBV, consumer loan amounts were driven
primarily by their payment history.
"We are honored to be named
Innovator of the Year as there was some stiff competition," said Sean
Albert, Senior Vice President of MicroBilt. "IBV really is a cutting-edge
solution that gives lenders more accurate information so they can provide their
customers with faster and more affordable loans."
The award was presented to MicroBilt
on September 20th at the OLA Leadership + Innovation Conference after being
selected from 12 entrants by a panel of judges and an open vote from OLA
OLA also honored the two runners up
- ConnectMedia Ventures for its new Mobile Verified Leads & eSignature
Platform and Adaptive Payments for its funds transfer product, Accelaca$h.
ConnectMedia Ventures' new platform enables consumers to conveniently conduct
financial transactions using their mobile phones. Adaptive Payments' Accelaca$h
makes accessing funds even easier as lenders are able to instantly deposit
funds into a consumer's bank account using the debit card that is linked to
"I would like to congratulate
all three companies," said McGreevy, "for developing innovative
products that enhance the customer experience and provide real solutions to
small, short-term lenders."
The Online Lenders Alliance is a
professional trade organization representing the growing industry of companies
offering online consumer small, short-term loans.OLA member companies abide by
a list of Best Practices and Code of Conduct to ensure that customers are fully
informed and fairly treated.