Set Up Bank Account Verification
To enable the bank account verification and related part of the system functionality, 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.
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.