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.