Income Verification Open Banking

More complete income data.

Income verification open banking. By verifying income in real time through open banking psd2 you can make wiser decisions and eventually give a better offer. Your credit decisioning engine just got a lot more powerful. The tool verifies a customer s income using transaction data from their bank removing the need to manually upload documents. Open banking grants any lender immediate and secure access to customer account information as long as they have the customer s consent.

In as little as 30 seconds. Our journey to income verification veneration. The savings in time cost and resource through its use are enormous and as its such reception from those who have trialled it use has been universally positive. Our income verification service gives you up to 2 years of accurate income history.

Equifax automated income verification uses open banking apis to provide precise granular and flexible real time income verification through our expert understanding and analysis of consumer current account data. On the other hand you might be interested in existing liabilities that cannot be found in credit bureaus. Borrowers want a better experience. Helping you make better credit decisions and meet regulatory requirements.

You want better information fast. This new process has several benefits. Zopa has launched an income verification tool that automatically pulls in customer data made available through open banking. It s clear to all i think now that open banking is beginning to take off.