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

Bank account and transaction data can be used to significantly improve decisions and reduce risk during account acquisition, account management and screening

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

    • circled-check
      Accesses consumer consented bank data from thousands of financial institutions
    • circled-check
      Contains cashflow attributes that provide lift in credit risk decisions
    • circled-check
      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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