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 space as well as other commercial lenders have been using and a few others 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.

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Decision Logic

DecisionLogic is an bank verification system enabling lenders to verify within seconds a potential borrower’s bank transaction history information online and in real-time. The process is totally secure with the latest in technology and the customer experiences little friction.
Previous systems for performing bank verification processes created many problems for both the lender and borrower, including inconvenience, delay, inaccuracy, and fraud. Fraud is even more of a potential now for lenders so having a system like Decision Logic will increase their protection.

How It works:
1) Send your customer a DecisionLogic link created on our end via SMS message or email
2) Your customer is prompted to enter their banking login credentials

3) Once Verification is successful the Customer receives a success notification and is redirected to your website
4) You receive a read-only version of the customers bank statements dating back a certain amount of days

They offer 2 versions:
Decision Logic 90 and Decision Logic 365.
The difference being 90 days of the customer's transaction history and 365 days of transaction history. Training comes with each program.

 
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ewise

A pioneer of financial data aggregation and Money Management APIs, eWise is a secure consumer-centric personal data management platform
The eWise AEGIS platform enables end-users to privately and securely aggregate, store, manage and share their financial information. Leverage eWise's data aggregation platform to easily connect users' bank accounts, credit cards, investments, pension funds, utilities, loans and more.

With AEGIS, you can aggregate automatically all of your customers’ financial accounts in one place.
Consumer data is aggregated from a variety of sources including bank accounts, credit cards, loans, investment portfolios, utility companies, loyalty programs, and offline assets.
Provide the user with full control and privacy over their personal data.
The vault is not stored in the cloud, it is stored on the customer's local computer.

 
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Finicity

Finicity is taking the mystery out of transaction histories. Finicity presents them cleaned, categorized and direct from financial institutions so you know they’re accurate and can be used for anything you’re needing.

FCRA Compliant Solutions
A 24-month snapshot of the consumer’s financial transaction data, now delivered with FCRA requirements. More accurate data for you and a better experience for the consumer all within compliance.

Finicity created a custom-built statement solution that puts the previous month’s financial institution statement right in your hands. Key account information is all wrapped up as a branded report for each financial institution.

They offer a free test drive to explore their API calls for transaction details. Simple to setup in minutes.
Can request a Demo by clicking below.
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Plaid

Plaid offers a faster, more secure way for borrowers to access capital. Plaid provides borrowers with an easy, streamlined loan experience; and lenders with access to bank data to make informed loan decisions.

Other advantages when using Plaid:
Seamless experience
Plaid’s login module for end users is easy to customize and drop into an online loan application

Trusted by Fannie Mae
Plaid is a certified Day 1 Certainty™ asset verification report supplier for Fannie Mae’s Desktop Underwriter®

Verify borrowers’ assets digitally
Assets provides a consolidated report with account balances, uncategorized and categorized transactions, and account identity information


Verify borrowers' identities
Identity confirms users' identities with what's on file at the bank—in other words, their name, phone number, address, and email — to reduce fraud

Check financial obligations
Liabilities (US only) provides a real-time feed of information about a user’s financial obligations including student loans and credit cards
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Yodlee

Bank account verification with Yodlee is a safe, secure, and fast way to verify and connect accounts instantly with minimized risk. Yodlee happens in real-time without providing micro-deposits or bank account numbers.

Common account verification use cases:
  • Consumer Payments
  • Deliver on NACHA Compliance
  • Fraud Prevention
  • Avoid NSF and Overdraft Charges

Yodlee products adhere to the highest, bank-level security, privacy, & compliance/regulatory standards.
Yodlee's account verification solution meets the new NACHA rules for screening online payments to deter fraud. They meet Open Banking and PSD2 mandates where applicable.
What are the financial patterns of your users?? Do they match up well for your services? With real-time review of transaction data, you can instantly understand your users' account behavior. This way you can evaluate risk and maximize fraud detection, quickly and easily.