Loan Origination System (LOS) platforms have become a necessity for any organization in the field of digital lending. They provide automation and compliance support, making sure companies using them run efficiently and safely. However, different financial organizations have different requirements, so picking the right platform is important.
Two of the best lending platforms currently available are Perfios InteGREAT and HyperVerge. InteGREAT focuses on data aggregation and analytics, enabling users to extract data, curate and categorize it, and analyze it as needed. Unless it is for invoice financing, InteGREAT has limited features and can be better categorized as a Loan Management System (LMS).
HyperVerge One, on the other hand, provides a powerful solution for loan management, focused on increasing efficiency and safety via powerful AI-enabled ID verification tools. Designed to make the onboarding process as safe and efficient as possible, HyperVerge One can help you build end-to-end financial product onboarding journeys.
In this article, we will provide a comprehensive analysis of both platforms, enabling you to make a fully informed decision.
What is Perfios InteGREAT?
Perfios is a financial data analysis company, and its lending platform is known as InteGREAT. Designed with a focus on data analysis, InteGREAT is geared towards supporting direct lending. InteGREAT provides support for easy loan sourcing and acquisition for a wide range of origination and workflow process points.
It supports peer-to-peer (P2P) lending, invoice financing, direct business-to-customer (B2C) and channel-based lending. It also offers a unified branch-office portal, further simplifying the customer journey.
Given Perfios’ background in financial data analysis, their focus is on providing support for banks, NBFCs, fintech companies, and other financial organizations. As such, there is a greater focus on providing financial insights.
What is HyperVerge One?
HyperVerge is primarily focused on ID verification and compliance, and its platform is known as HyperVerge One. Designed with a focus on ease of use and maximum safety, HyperVerge One is geared towards improving user onboarding journeys.
HyperVerge One provides a number of features geared towards making their system easier to use, allowing users to build the UI that suits them best. Given the level of flexibility, HyperVerge One serves a broad range of organizations, including banks, NBFCs, gaming companies, crypto companies, insurance companies, security companies, and more.
Given the company’s focus on compliance, HyperVerge One provides support for Age Verification, Document Verification, Address Verification, Deepfake Detection, and Fraud Detection.
But the best part is that HyperVerge offers businesses the opportunity to create custom end-to-end journeys for lending, which take care of everything from onboarding to approval and management.
How did we evaluate the two products?
Now that you have a general idea of what the two platforms do, let’s take a look at the specifics. In this section, we will be evaluating the two platforms in terms of features, pricing, and pros and cons.
That said, there’s no substitute for social proof, so we will also be taking a number of reviews into account. Reviews from G2 and CapTerra are given the highest priority, but the reviews from Reddit can also provide insights into edge cases and should be considered.
Overview of Perfios vs HyperVerge
| Features | Perfios | Hyperverge |
| Workflow Builder | No | Yes |
| Financial Insights | Yes | No |
| Analytics Insights | No | Yes |
| Strong Integrations | Yes | Yes |
| Compliance Support | Yes | Yes |
Key Comparisons
Here are the key comparisons between the two products.
Features
While Perfios INTEGreat and HyperVerge One are both LOS platforms, they cater to different kinds of businesses.
Perfios INTEGreat, given its focus on data analytics, is better suited for companies that require regular credit risk assessments, as well as detailed financial insights. The Business Rules Engine (BRE) is robust and helps with decision-making. They, however, do not offer end-to-end journeys or onboarding support. InteGREAT is limited to financial analysis.
HyperVerge One, on the other hand, specializes in AI-based automation and digital ID verification technology. The focus on safety and regulatory compliance makes it a better option when dealing with international users, given how complex digital lending laws are. This platform is also equipped with deep learning algorithms, allowing it to keep up with changing laws and requirements.
Pricing
As you grow, the LOS you pick needs to scale alongside. Both Perfios INTEGreat and HyperVerge One support the kind of scalability you will need, but their pricing differs.
Perfios offers an unlimited free trial, but most of the useful features are locked to the Gold and Platinum plans. New users can sign up to receive 30 days of access to the Gold plan, after which they need to subscribe to continue using the premium features. The Gold plan costs approximately INR 499/year. The Platinum plan is a step above, removing all the limits of the Gold plan, and costs approximately INR 1499/year.
HyperVerge One also offers a free trial for 30 days, but unlike Perfios, the cost is scaled to your requirements. HyperVerge One has three tiers of plans – the Free tier, meant for startups, the Grow tier, meant for mid-size companies, and the Enterprise tier, for enterprise-level companies. The features in each tier are customized for your current stage of growth, and they follow volume-based pricing tiers. As your volumes increase, your unit price incurred reduces.
When selecting the right LOS for your company, you need to make sure that you are receiving the proper value for your money. If your company is focused on smaller-scale digital lending, Perfios offers better support, while HyperVerge One offers more support for large-scale systems with rapid scaling.
Target Audience
Perfios INTEGreat is primarily focused on traditional lending institutions and Fintech companies. Their focus on detailed analytics gives legacy systems a boost in efficiency, while the credit risk assessment systems help NBFCs and digital lenders make good data-driven decisions.
HyperVerge One caters to a broader segment of the digital lending sector, with a variety of different offerings. The platform’s no-code onboarding process makes the setup process swift, ensuring that startups don’t waste time and money getting started. Mid-size companies also benefit from the end-to-end ID verification systems and onboarding support, while enterprise-level companies can make full use of the unmatched scalability and extension capabilities.
HyperVerge One can also support Fintech companies, gaming companies, crypto companies, and telecom companies in a number of ways.
Security
In the digital lending space, protecting user data is of utmost importance. AML policies and regulations have mandated a number of security measures, and they work well to protect the data of your customers.
Both Perfios and HyperVerge encrypt all user data, and practice strict data segregation, making sure that nobody can access someone else’s data without full authorization. HyperVerge makes sure to stay compliant with global regulations such as GDPR, ISO 27001-2013, AICPA SOC 2 and FATF, and maintains an audit trail of every application.
User Experience
LOS platforms need to be easy to use, on both the front end and back end. As such, Perfios and HyperVerge have dedicated a significant amount of effort towards a good user experience. Perfios offers customizable workflows designed for a variety of loan products, but larger changes require much more effort.
HyperVerge, on the other hand, provides a no-code workflow and UI builder, allowing for quicker and easier customization.
Despite the ease of use, it is likely that some users will run into issues, especially when it comes to edge cases. In such situations, customer support needs to step in and provide assistance. To that end, Perfios has put together a Customer Success Team, designed to assist users through the process of integration, pilot, and all the way into production. Clients are assigned a dedicated Engagement Manager, who provides support during the entire process. Apart from that, Perfios also has a team of industry experts to provide users with advice and support. Finally, Technical Experts provide all kinds of support to make sure that the users can go live as soon as possible.
HyperVerge, on the other hand, uses a slightly different model of customer support. Given the broad customization options of the platform, the focus turns towards optimizing the system to the client’s needs. For example, if the goal is to increase conversion rates, HyperVerge experts analyze the client’s funnel, and then optimize it according to the industry. The journey is then personalized further as per the users or partners, culminating in a battery of tests to optimize and improve performance. HyperVerge also provides other resources, like detailed glossaries and in-depth blogs.
Integrations
When it comes to LOS platforms, the more integrations, the better. By using a flexible API, LOS platforms should be able to integrate with a wide variety of systems, allowing them to pull all the data needed for any transaction.
Perfios boasts of a powerful API, providing a number of features including:
- Real-time financial data aggregation
- Analytics
- Personal finance management
- Credit decisioning
- Access to the Account Aggregator Network
- Access to a Credit Gateway
Apart from these, Perfios also has many more integrations, but the specifics have not been made public. HyperVerge One, on the other hand, has a public list of all the 100+ integrations it offers, including but not limited to:
- Digilocker with Analytics
- PAN Verification
- CKYC
- Passport OCR
- Fraud Detection
- Voter ID Verification and more
Pros and Cons
Perfios Pros
- In-depth financial analysis: Perfios INTEGreat enables data-driven decision-making due to its information processing capabilities
- Easy customization: Perfios INTEGreat can be set up and go live quickly, and can create an improved customer experience.
Perfios Cons
- Limited UI Customization: Perfios INTEGreat has limited customization options for its User Interface, which can cause issues for newer products or offerings.
- Compatibility Issues: Perfios sometimes has issues reading bank statements or PDFs due to their formatting
Hyperverge Pros
- Heavy Automation: HyperVerge One uses heavy automation of the Loan Origination process, reducing the load on users and increasing efficiency.
- Fraud Detection: Strong AI/ML-powered algorithms make it much easier to catch fraudulent transactions.
- Simplified Digital Lending Processes: Due to the support of the many integrations, the onboarding and loan approval process is much faster and easier.
- Increased Efficiency: HyperVerge One is dedicated to making sure that each step of the loan origination process is made as quick and easy as possible, which helps reduce the burden on all the users.
HyperVerge Cons
- Due to an increased focus on customization and customer specification, HyperVerge solutions have an initial compatibility curve for customers.
Hear it directly from the users
What are users saying about Perfios
Kirthi V., ★★★★★ (3.5/5)
Linh N.,Designation/ Industry ★★★★★ (5/5)
What are users saying about HyperVerge
Jeel P,★★★★★ (4.5/5)
Akshay P, ★★★★★ (5/5)
Choose HyperVerge for the smoothest loan management cycles
Compared to its main competitors, HyperVerge provides a number of advantages, with the most important one being end-to-end support. From onboarding to verification to disbursement to tracking, HyperVerge One does it all. This style of extensive support and simplified onboarding methods drastically reduces dropoff rates, and the strong verification system makes it easier to confirm and approve loans much faster. The AI and machine learning-enabled systems help with regulatory compliance, and the strong automation engine helps boost efficiency a great deal.
If you want to boost your efficiency and make sure that your clients are protected, HyperVerge One has your back. Click here to book a demo.
FAQs
1. What is an LOS?
A Loan Origination System (LOS) is a piece of software that helps banks and other financial institutions manage the process of loan origination. It allows these institutions to track loans, stay compliant with regulations, manage risk, and provide better customer service.
2. What does Perfios INTEGreat do?
Perfios INTEGreat is an LOS platform, which provides end-to-end support for any organization involved in digital lending. It handles a variety of tasks including loan onboarding, loan management, and data analysis.
3. What are the key elements of a good LOS?
A good LOS platform should be:
- Easy to use
- Heavily customizable
- Secure
- Supports regulatory compliance
- Capable of automation
- Equipped with AI/ML algorithms
