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 and 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 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 be automatically sent to the Customer before the Loan Application submission or prior to the Loan Disbursement. It can also be manually sent from the Back Office at any point of work with the Customer.

Enable the Integration and Select the Service Provider

Go to Settings → Integrations, and enable the “Bank account verification” switcher. The list of available service providers will appear in the “Service” field.

Flow-Related Settings

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.

When to request for bank account verification

There are three options on when to conduct the bank account verification:

• 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)

• Manually initiate bank account verification from Back-office: verification can only be requested manually

• Bank account verification is initiated automatically if the loan request is not rejected after automatic processing)

How fast shall the request be performed

After the request has been sent, the application status is set to “Awaiting bank verification”. Application stays 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.

How often shall reminders be sent

For the user not to miss the expiry term, reminders can be sent. You can define how often the reminders shall be sent.

Can the request be skipped

Define if the customer can skip the request.