Income Verification cuts to the chase, and helps you find out what your customers’ income really is. In real time.
No need to solely rely on credit bureau data, nor suffer continued headaches of keeping up with a fraudster’s latest manipulation of income and bank statements. It’s secure and used in over 25 markets by over 200 Financial Institutions.
Income Verification helps you find the most dominant income streams, as well outputs for each stream. For example:
• description – As found in the bank statement e.g. “Salary Instantor”
• incomeType – One of “Salary”, “Pension”, “Government support”, “Parental, child, and student support” and “Other”
• averageAmount – The average amount of the stream
• averagePerMonth – The average monthly amount
• totalCount – The total number of times the transaction has been detected
• seenInMonths – The total number of months the transaction has been detected
• availableMonthsRatio – The percentage of months available, out of the full transaction history
• lastSeenDaysAgo – The days since the transaction was detected
Instead of sending photos and scans of payslips back and forth, your loan applicant can now provide all their documentation digitally. Paperless, digitalised and frictionless.
By replacing physical payslips and manual processes with a digital application flow you’ll reduce the risk of fraud and improves accuracy.
We’ll deliver a readable PDF for your credit risk department to review; you won’t need any IT implementation.
“Since credit information oftentimes is not up to date, we rely on the services of Instantor that can, with our customer’s consent, retrieve credit information from our customers that represent their current financial situation. In doing that we have been able to help creditworthy and reliable customers who might not have gotten their financial needs met elsewhere.
We greatly appreciate how it improves both the customer experience and our bottom line at the same time. It helps us in helping our customers while being able to make better business decisions.”
– Babel Poli, Chief Product Officer at Northmill