Income ID: Income and Identity verification by Instantor

Getting to know the true financial capacity of your customers used to be risky business. Thanks to our Income ID solution, bank account verification just got a whole lot easier. With Income ID, you're able to quickly quantify your customer's actual income, based on their transactional history. This gives you a realtime snapshot of their financial position, adding a valuable datapoint to your credit risk models for credit risk scoring.

Included in: Instant ID

This is how you verify income

Instantor’s income and bank verification methods attempt to automatically extract an individual’s income from their transaction history. It does this by analysing incoming recurring financial transactions and filtering these based on defined criteria. Financial transactions that fulfil these criteria are arranged into three categories: primary income, secondary income, and other recurring income. Each of these categories have aggregate values, which are explained below.

What income streams do we look at?

Primary Stream – The most likely primary source of income.

Secondary Stream – The most likely secondary source of income, i.e. not primary ones. This could be income from renting out property.

Tertiary Stream – The third most important source of income.

This is how we identify income

We identify the income type by looking at specific keywords, the amount, the average per month, how many times it’s been seen and the total count of transactions in this income stream. We offer one of the securest KYC identity checks on the market.