Income Check is a software solution designed to verify an applicant's income directly from their bank account via an API. It streamlines the application process by eliminating the need for extensive paperwork and manual verification. The software analyzes incoming transactions, considering factors such as date, size, stability, and more, to provide a comprehensive understanding of the applicant's repayment capacity. This allows lenders to make faster, more accurate risk assessments and reduce the risk of fraud. Income Check leverages pattern recognition to verify income, providing lenders with greater confidence in their decisions, particularly for marginal approvals. The system delivers a wealth of data points, including complete account information (account holder names, IBAN, SWIFT, SSN, institution name, etc.), detailed income stream insights (total, maximum, minimum, mean, and median income over 3-12 months per category), and categorized income summaries analyzing money streams based on labels, recurrence, date, size, and stability. This granular data helps lenders assess affordability and risk exposure more effectively. The software integrates with Tink Console, offering features such as no-code customization for white-labeled flows, reporting tools for historical data analysis, and granular, real-time performance analytics. Income Check is accessible through a PSD2-compliant open banking API, providing access to high-quality financial data from numerous European banks. The use of SCA adds an extra layer of security, further reducing fraud risk. The software has demonstrably reduced application processing times (from 2-3 days to under 10 minutes), increased conversion rates (by 20-40%), and significantly reduced first-party fraud (up to 70%).

Features

Instant Income Verification

• Income Check uses real-time bank transaction data to instantly verify an applicant’s income, eliminating the need for lengthy manual processes.
  • Reduces application processing time significantly.
  • Boosts conversion rates by minimizing dropouts.

Comprehensive Risk Assessment

• The software analyzes transaction data to provide a holistic view of an applicant's financial health, enabling more accurate risk decisioning.
  • Analyzes date, size, and stability of transactions.
  • Provides a full understanding of repayment capacity.
  • Reduces the risk of fraud and bad debt.

Detailed Data Insights

• Access a vast amount of data points for a more thorough understanding of the applicant's income and financial behavior.
  • Complete account information (account holder names, IBAN, SWIFT, SSN, institution name, etc.).
  • Detailed income stream insights (total, maximum, minimum, mean, and median income).
  • Categorized income summaries based on labels, recurrence, date, size, and stability.

Secure and Compliant

• Income Check utilizes SCA (Strong Customer Authentication) for enhanced security and adheres to PSD2 regulations.
  • Reduces fraud risk.
  • Ensures compliance with open banking standards.