June 21, 2024 – TheNewswire - Impact Analytics Inc. (“Impact Analytics” or the “Company”) (CSE: PACT), a vertically integrated AI software development company built on its proprietary cloud offering is pleased to announce the private beta launch of its previously announced (see press release dated
January 23, 2024) software, Credissential. Credissential is a secure document storage system for personal financial data, that is focused on increasing sales and streamlining traditional credit analysis and decision making for enterprise. Credissential’s first target market is the auto lending sector.

 

Key Takeaways:

 

• Initially targeting auto networks: First product iteration includes features to streamline decision making and loan processes for the lenders with the goal of increasing customer conversion rates. 

• Adaptable: Designed to be adapted by multiple enterprises in the lending vertical.  

• Adds Security to Lending Process: Encryption and “burn after reading” function mitigates lenders holding users data indefinity. 

• Exclusively hosted on the SDV: Part of Impact Analytics' comprehensive business solutions strategy, Credissential and the data collected by Credissential will be housed on the SDV. 

 

"Launching Credissential represents a significant addition to our product offering. Credissential aims to bring the credit application process to the modern world. Despite the presence of many online banks, the application processes remain antiquated." said Colin Frost, CEO of Impact Analytics. "We’ve been working closely with target customers to understand their needs in the auto lending space and have integrated certain feedback into our first target use case for Credissential. The aim of Credissential is to provide users with an elevated and secure way to apply for credit while boosting or commercial partners sales numbers by removing frustrating traditional credit application bottle necks like proof of income and asset statements.”

       

Currently, Credissential has two use cases, one targeting the auto industry and the other targeting the consumer population generally. For the auto industry, Credissential contains “Dealer Flow” – tailored for auto dealer networks, enabling customers to gather and upload necessary documents used in the auto lending process, with the goal to expedite the loan approval process and improving on-lot conversion rates. This module aims to simplify document management by allowing auto dealers to receive digitally prepared documents required for loan generation and expediting the traditional sales cycle.

 

The consumer version of Credissential acts as a secure lockbox for all pertinent credit related documents. Credissential allows users to grant and revoke access to their files on-demand through a “burn after reading” function that provides a flexible and secure solution for managing sensitive information.

 

Credissential is hosted on the Company’s SDV, which is Impact Analytics’ proprietary hybrid cloud platform, aiming to provide roust security and integration with other applications developed by Impact Analytics. This launch is part of Impact Analytics' broader initiative to deliver a comprehensive suite of business solutions, enabling enterprises to leverage advanced technology for improved efficiency and security.

 

Impact Analytics is working closely with a select group of beta clients to help ensure that the product meets user and business needs in an elegant package. The beta clients are expected to implement the solution, highlighting the product's ability to transform a low-tech, paper-and-pen experience into a secure digital age solution.

 

About Impact Analytics

 

Impact Analytics is a risk assessment, data intelligence and financial services platform powered by AI. The Company is building a proprietary product stack to optimize and streamline financial decision making for enterprises and individuals. Learn more at https://www.impactrisk.ai/.

 

ON BEHALF OF THE BOARD OF DIRECTORS

 

Chief Executive Officer        Colin Frost

Head Office                         2004 Sherwood Drive Sherwood Park, AB T8A 0Z1

Telephone                         +1 (587) 208 4044

Email                                 info@impactrisk.ai  

 

The CSE and Information Service Provider have not reviewed and does not accept responsibility for the accuracy or adequacy of this release.

 

Forward-Looking Information

 

Certain information in this news release may constitute "forward-looking" information that involves known and unknown risks, uncertainties, future expectations and other factors which may cause the actual results, performance or achievements of the Company or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward looking information. When used in this news release, this information may include words such as "anticipate", "estimate", "may", "will", "expect", "believe", "plan" and other terminology. This information reflects current expectations regarding future events and operating performance and speaks only as of the date of this news release.

 

Forward-looking statements in this news release include, but are not limited to, statements regarding Credissential’s expected results, potential users of Credissential, commercialization plans for Credissential, future plans for Credissential and the beta users and the future plans of the Company, business plans, objectives and strategy.  Forward-looking statements are inherently risky and the information and plans disclosed therein may not come to fruition as contemplated or at all.

 

Except as required by law, we assume no obligation to update or revise forward-looking information to reflect new events or circumstances. Additional information is available in the Corporation’s Management Discussion and Analysis, which can be found on SEDAR+ at www.sedarplus.ca.