Using bank data and unique algorithms built on the data-set acquired by company, the firm is working with lenders to build a solution that gives an accurate assessment of an applicant's income.
Verifying income is important for banks and lenders, ensuring they have an accurate view of applicant’s financial income prior to awarding credit in order to ensure they are lending responsibly.
The capabilities of bank data have allowed us to build a new tool that is unrivalled and unparalleled anywhere in the market...James Varga, Chief Executive Officer, The ID Co
Helen Stewart, Product Owner at The ID Co, said: “We’re delighted to launch our Income Verification tool. We've known for some time that this would be of value to banks and lenders and have worked tirelessly to ensure that this product fits their requirements.”
The ID Co.’s Income Verification solution allows lenders to seamlessly onboard new customers, removing friction in the application process, and giving lenders all the bank data they require to make a sound credit decision in seconds...