Improve credit decisions and reduce fraud with consumer consented Bank Transaction Data

<p>Bank account and transaction data can be used to significantly improve decisions and reduce risk during account acquisition, account management and screening</p>
Benefits
Risk
Improve credit risk decisions

Using cashflow attributes in credit risk decisions can improve performance by up to 10% over using Vantage Score

3rdPartyFraud
Reduce 3rd party fraud

Verify bank account ownership before depositing funds into an account

User_Exp
Improve user experience

Simplify the application process for your customer by accessing bank transaction data digitally to verify income, employment and assets

Key Features
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      Accesses consumer consented bank data from thousands of financial institutions

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      Contains cashflow attributes that provide lift in credit risk decisions

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      FCRA Compliant - can be used in credit risk decisions


Use Cases
Consumer Consented Bank Transaction Data is for businesses that need to:
  • Meet KYC requirements
  • Validate Bank Account Ownership before distributing funds or withdrawing payment 
  • Verify Income and Employment
  • Reduce portfolio risk and/or reach credit invisibles
  • Determine most appropriate Line Assignment
  • Monitor cashflow to mitigate repayment risk

Bank Transaction Data is for:
  • Fintech & AltFi Lending: New Account Openings and Account Management
  • Banking and Lending: New Account Openings and Account Management
  • Tenant Screening
  • Auto: Auto Loan Applications
  • Insurance: Life Insurance Policy, best coverage determination
  • Lenders that want to use bank data in underwriting and verifications

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