Point Predictive and Tenet Energy are powering a collaboration aimed at keeping fraud out of electric vehicle financing.

Through this strategic partnership, Tenet is integrating Point Predictive’s IncomePass solution into its fully digital climate financing ecosystem, offering customers a one-stop shop for everything they need to purchase and own an electric vehicle.

IncomePass can empower finance companies to double their conversion rates by harnessing the power of artificial intelligence and machine learning algorithms alongside a rich dataset of validated income.

Leveraging Point Predictive’s proprietary data, encompassing more than 145 million historical income reports, equivalent to over a quarter of the US adult population, this solution can streamline the income verification process, granting finance companies the ability to waive requests for paystubs and bank statements from borrowers confidently.

“Our mission at Point Predictive is to eliminate the outdated process of collecting paystubs to prove income,” Point Predictive co-founder and CEO Tim Grace said in a news release. “Paystubs are highly subject to forgery, and with 93% of the population using direct deposit for their paychecks, virtually no one has easy access to provide it to their lender.

“Also, many can create fake check stubs faster than consumers can find and download legitimate pay stubs. We’re proud to partner with Tenant to help modernize the lending process with more reliable income validation and, in the process, make it easy on borrowers they want to lend to,” Grace continued.

By providing consumer-centric financial solutions, Tenet wants to make renewable energy financing more accessible, affordable and efficient.

“As the appetite for renewable energy products, especially electric vehicles, continues to surge, so does the need for reliable fraud prevention as well as our customers’ expectations for streamlined financing experiences,” Tenet CEO Alex Liegl said in the news release.

“We are excited to partner with Point Predictive, an industry leader that shares our commitment to innovation, sustainability, and making financing solutions more attainable for all,” Liegl went on to say.