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Reduce the risk of your loan decisions with one (or all) of our bank verification solutions. Automate your processes to make quick, accurate decisions with a complete picture of your applicants’ current banking circumstances.

Instant Bank Verification (IBV)

IBV allows you to instantly verify a consumer’s bank account. With real-time transactional data from over 20,000 financial institutions worldwide, you can receive current bank statements and identity verifications.

IBV can be used for the following:

  • Automated replacement to accept bank statements
  • Eliminate need for emailed or faxed bank statements
  • Eliminate fraudulent bank statements
  • Assess risk of applicant’s ability to repay a loan
  • Verify income and bank accounts
  • Verify current and available account balances
  • Verify SSN/SIN
  • Verify address and phone number
  • Discover additional financial obligations and loans

IBV allows lenders to make quicker loan decisions across the United States, Canada, and the United Kingdom.

Manual Bank Verification (MBV)

Using proprietary data from a large network of financial institutions, Manual Bank Verification offers lenders a solution to confirm banking information before extending loans or initiating an ACH debit.

With better coverage, better data, and the guarantee of manual verification, this solution:

  • Improves successful deposit rates
  • Evaluates a consumer’s ability to pay
  • Reduces overall return rates and costs
  • Verifications account and balance information
  • Improves the success rates of ACH
  • Eliminates administration, account not found, and account closed returns
  • Meets compliance requirements with NACHA thresholds for fatal return

Plus, when you upgrade to MBV’s premium level, you can utilize direct, 3-way calls between the consumer, their financial institution, and an MBV representative to ensure the highest degree of verification.

Additional benefits of MBV include:

  • Unlimited verification attempts that won’t harm consumer credit
  • Quick data returns (usually within 24 hours)

Bank Account Verify (BAV) Advantage

BAV Advantage utilizes two proprietary databases of more than 150 million consumer records and 1.5 billion ACH and check transactions. This solution lets you get a fuller picture of consumer credit history while verifying their banking information.

Unlike traditional credit reports, BAV Advantage uses consumers’ bank routing and account numbers to deliver cross-institutional views of banking behavior and loan activity.

Additional data this report returns:

  • 36-month summary of MICR and loan transactions, returns, and defaults
  • Current status of consumer banking and routing numbers
  • First and last seen dates of the account
  • Confirmation that the consumer can receive ACH transactions
  • Assessment of additional bank accounts the applicant may hold
  • Flags of high-risk factors associated with consumer’s financial institution (i.e., account closed or account not found)
  • Verification of name, SSN, driver’s license, and phone number

Common use cases for BAV Advantage include:

  • Short-term installment lending
  • Buy-here-pay-here auto financing
  • Check cashing
  • Title lending
  • Retail financing

Combine BAV Advantage with identity verification and anti-money laundering tools to get a full, 360-degree view of your applicants’ loan and bank performance history.

See A Sample Report

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