DirectID sign Exclusive Law as a customer

DirectID have signed Exclusive Law as a customer to help them calculate their customers affordability.
Published on
April 6, 2021
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DirectID has announced that it has signed Exclusive Law as a customer.  

Exclusive Law will be utilising DirectID to illustrate customer’s affordability following car accidents and car hire. Currently, credit hire organisations have a challenge in getting bank statements from customers to prove affordability. DirectID can provide this through Open Banking. 

Exclusive Law offer specialist claims advice in personal injury, criminal injury, negligence and accidents. Within motor accidents, they need to be able to prove a customer’s affordability to process a claim.  

DirectID’s solution will connect an individual’s bank account through our Open Banking APIs, calculate what their income is, and assess how much the individual is able to afford to repay. 

DirectID has connections with over 13,000 banks across 65 countries across the world. DirectID is currently utilised by over thirty major companies globally, including Best Egg, RBS, Standard Life Aberdeen and Xe. DirectID is also prevalent within the credit hire sector with around 10 companies currently using DirectID’s services. 

Speaking on the agreement, DirectID CEO, James Varga, commented: 

Within the credit hire sector, it has become critical for businesses to be able to prove customer’s affordability. Within our affordability suite, DirectID, through the power of Open Banking, has the ability to analyse an individual's bank statement information, calculate their income, and from that, their make an affordability assessment.

Christian Cassidy, Head of Litigation at Exclusive Law, said:  

Using DirectID’s affordability assessments, Exclusive Law will be able to make accurate decisions on our customers. Being able to assess whether a customer can afford a replacement car following an accident is vital for our business, and it was imperative that we brought in a service such as DirectID. We are delighted to be working beside James and the team at DirectID.

Find out more information about Exclusive Law at http://www.exclusivelaw.co.uk/ 

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What is open banking and how does it work?

Open banking is the practice that allows people and businesses to share up to 12 months of transaction data. DirectID is regulated by the Financial Conduct Authority as an Account Information Service Provider (AISP) - the intermediary who safely facilitate this process.

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Transaction categorisation is the process of adding context to raw transaction data. The process gives you an understanding of what your customers' spend their money  and where.

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Using the bank account verification API, DirectID matches the details provided from your customer to those on their account. We apply a set of sophisticated algorithms and rules to verify the name, and then tell you what does and does not match.

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After a customer shares their data, DirectID identify recurring credits to the account and group these. Using an algorithm we identify the monthly income for each income stream. We then return the calculated income and confidence score to you.

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