Income Verification

Overview

For lenders, knowing how much a customer earns is more important, but also more complex than ever before. Many years ago, it was straightforward, with usually one stable, regular salary or set of wages hit an account each week or month. Now customers with multiple employers, employment combined with self-employment, short-term contracts and gig work, property income, and often-changing employers are much more common. So, an individual’s income picture is now usually much more complex and personalised

Using our super-fast API you can automate the identification of income in your own data to streamline your lending processes and make more informed decisions quicker.

Income Verification

Cutting through income complexity

Automatic transaction categorisation takes the pain out of identifying and quantifying income. Not only does our solution categorise, but it also provides granular detail on the type of income in order to determine if that income is recurring in nature – for example base salary, bonus, commissions, Airbnb income etc. It can also match details of the income stream back to in-depth details of the underlying entity paying the income.

This is helpful in a range of scenarios from credit applications, risk modelling and fraud checks, to identifying and supporting vulnerable customers early.

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Benefits at a glance

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Pre-qualify and accept more applications

Pre-qualify eligibility for products and personalise services as well as accept more applications from having a better understanding of an individual’s income.

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Reduce underwriting time

Reduce underwriting time and accelerate decision making without increasing risk.

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Upsell and cross-sell responsibly

Upsell and cross-sell services to existing customers, or extend their credit limits responsibly using your understanding of their income.

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Identify vulnerabilities early

Identify vulnerabilities and manage customers proactively to reduce delinquencies and debt.

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Market leading data

An unrivalled comprehensive dataset of over 96 million transactions linked to a database of 1 million merchants.

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API driven

API driven so the solution can be seamlessly integrated with your existing digital applications.

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