Bank Verification Platforms
For funding companies in the business lending space their underwriting process will vary but all will depend on technology to efficiently and securely execute their system. Technology platforms that offer APIs to financial institutions and credit providers allow a faster way to perform several functions which include analyzing bank activity and prevent fraud, among other advantages.
Having the customer link their account used to only take place towards the end of the funding cycle but now it has become more common to have a client link their bank account in underwriting before an offer is made. With the data collected from the bank a funding company or even ISO can determine whether they can proceed with an offer and if so which product would be best for them.
Below are a list of banking technology platforms that many funders in MCA have been using and a few other you may not have heard of.
This is not an endorsement for these companies so please perform your own due diligence before working with them.