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Bank statements can be a perfect basis for accurate credit scoring. TurnKey Lender clients who have implemented this scoring approach, make more than 80% of their credit decisions based on this data. Here are some of the features that will help you automate the work with bank statements and cut costs.
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If a borrower applies for a new loan and there is already an active loan in the System, then the System won't carry out Bank Verification to make sure you don't spend extra.
You can easily specify bank providers whose data you're going to be using in System → Integrations → Bank Providers.
Verification Expiry (days) - specify the period after which you consider Bank Account Verification to de expired
Accounts are Valid Until (days) - set the period when recurring Bank Account Verification is not required
Verification Reminder (days) - specify intervals for the Bank Account Verification reminders (which you can also edit).
Once a borrower verifies their bank account, the System retrieves Bank Account information from the Verification service and adds it to the list of the borrower's Payment Options. Then the System prompts the borrower to select a default payment method
In case Bank Verification is set to Do not use, the borrower should be able to add payment options manually from his personal account
Custom notifications for bank account verification request, reminder, and eexpiration.
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