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Introduction
Bank account verification can enhance security and ensure the Customer’s eligibility for the Loan. It helps prevent identity theft by confirming the ownership of the bank account verification and related part of the system functionalityand allows the Lender to assess the financial health of the Potential Customer through their banking history.
Should you decide on using the Bank Account Verification services, you need to integrate the system with a bank account verification service providers, such as Flinks and Plaid (these are the two mostly used by our clients so far). It is also important to understand that Back-Office user cannot see customer’s secured bank data, therefore, they only request for the verification, and then a corresponding request is set to the customer’s portal, from where they can run the verification in mere minutes. set up the integration in the System. As a result of this integration, a link to the dedicated portal where the Customer can run the verification of their bank account(s) will be shared with the Customer. Following the verification, TurnKey Lender can also collect the corresponding Bank Account Verification Report (if it is prepared by your service provider).
The verification request can automatically be sent to the Customer as a part of the Loan Application submission or before the Underwriter’s decision. It can also be manually sent from the Back Office at any point of work with the Customer.
Integration Settings
Enable the Integration and Select the Service Provider
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Go to Settings → Integrations, and enable the “Bank account verification” switcher. The list of available service providers will appear in the “Service” field.
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Define Flow-Related Settings
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While part of the integration settings are related to a specific service provider and strongly depend on them, the top block of settings defines how the verification will be conducted and treated.
The settings answer the following questions
Can the request be skipped?
Untypically for this Help Center, let’s start from the bottom setting on the form.
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The “Allow customer to skip request” flag defines if the Bank Account Verification can be skipped after it has been requested. This setting will affect the behavior of the other ones as described below.
When to request for bank account verification?
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There are three options on when to conduct the bank account verification:
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Bank account verification at the end of the loan application: verification is run as soon the loan application has been submitted (it still can be requested manually)The Bank Verification request becomes a part of the Loan Application form.
If the “Allow customer to skip request” flag is disabled, the Loan Application cannot be submitted until the Customer has passed the verification.
If the option is enabled, the verification can still be requested manually.Bank account verification is initiated automatically if the loan request is not rejected: Bank Verification request is sent after the form has been submitted and automatically assessed by the system. This way you can decrease the number of verification requests and omit running them for applications that are too risky or don’t comply with some of your basic business rules.
If the “Allow customer to skip request” flag is disabled, the Loan Application cannot be approved until the Customer has passed the verification.
If the option is enabled, the verification can still be requested manually.Manually initiate bank account verification from the Back -officeOffice: verification can only be requested manually
Bank account verification is initiated automatically if the loan request is not rejected after automatic processing)
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(no automatic requests).
Which accounts can be used for scoring?
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TurnKey Lender comes with a dedicated /wiki/spaces/TLKB/pages/3464954021function that defines the risk level of the applicated based on the bank account details.
With this setting, you can decide which of the verified bank accounts should be used for scoring:
Disabled: Don’t run the bank-account-based scoring
All bank accounts: Run the scoring for all bank accounts. This means that the system might decrease the score of the Customer even if the issues have been detected with one of the non-default bank accounts.
Default bank account only: Only the bank account that the Customer has defined as default (and that can be used for payments during the Loan servicing) is used to assess the corresponding risk score.
How long should the verification stay valid?
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Once the verification has been performed the system will not automatically generate the request for a new one during the defined Validity period. This is particularly useful if one Customer can apply for several Loans.
You can still send a new request manually.
How long does the Customer have to pass the verification?
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After the request has been sent, the application Loan Application status is set to “Awaiting bank verification”. Application stays It can stay in this status either until it is either performed (the account is verified) or until the term provided for its performance is over (the bank account verification request is expired).
You can define the term before expiry.
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for the period defined with the “Verification expiry” setting (“Expiry Period).
If the “Allow customer to skip request” flag is disabled, the loan will be archived after the end of the Expiry Period.
How often shall reminders be sent?
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For the user Customer not to miss the expiry term, reminders can be sent. You can define Expiry Term TurnKey Lender can send reminders. Define how often the reminders shall be sent.
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Can the request be skipped
Define if the customer can skip the request.