On demand | The future of account verification: In conversation with DirectID & Shieldpay

Join the Founders of DirectID & Shieldpay for a conversation on account verification and open banking on Wednesday 26th October.
Published on
October 14, 2022
Author
Category
Finance & Fintech

The context

For decades electronic bank verification has been carried out by using databases and name matching logic. Although vastly more efficient than requesting identity documents and bank statements manually, this method is only ever as effective as the underlying data available.

In recent years an alternate method has become available - open banking. Now a tried and tested method, open banking allows you to quickly match the details of an account, such as sort code and account number, to details provided by your customer.

This bank account verification process is built with consent at the heart, providing the customer with an efficient user experience, and ensuring all data is real-time and matched to the account owner - eliminating fraud and satisfying KYC.  

On Wednesday 26th October, 2PM (BST) James Varga, CEO & Founder of DirectID, and Pete Janes, CEO & Founder of Shieldpay, get together to discuss the history of account verification, sharing past challenges faced and presenting a new incredible use case, powered by open banking.

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Advanced credit & risk insights

Affordability

Assess how much your customer can afford to repay. Use enriched data to identify income, and fixed vs flexible spend.

Book a demoBrowse our insights

Affordability

Assess how much your customer can afford to repay. Use enriched data to identify income, and fixed vs flexible spend.

Income verification

Verify your customer's income across all income streams, whether it's salaried wages, freelance earnings or benefits.

Categorisation & classification

Cut through the noise of a bank statement and understand how and where your customers spend their money.

Emerging financial distress

Identify emerging financial distress to enable early intervention before your customer defaults.

SME financial health

See the balance trend of an SME’s accounts with a view on income, stability and fluctuations. View the money a business earns, spends and saves on a regular basis.

Better-informed decisions across the credit & risk lifecycle

Use cases

Risk modelling

Use open banking data in a standalone or hybrid predictive model that brings together multiple data sources. Significantly uplift predictive models with comprehensive and dynamic data.

Origination & onboarding

Reduce manual interactions for quicker decisioning. Optimise your credit risk processes using transaction data.

Credit risk decisioning

Understand your customer's affordability and creditworthiness in real-time. Embed consumer transaction into your predictive model.

Portfolio management

Track cashflow changes across your portfolio to identify trends and drive lifetime value.

Collections & recoveries

Get insights on affordability, income, cashflow and more, to empower your collections teams and optimise the recovery process.

What our customers say

Customer stories
Testimonials - Fintech X Webflow Template

DirectID began working with Target at the beginning of 2020 to provide open banking data for their new Mortgage Hub. It is the first digital mortgage platform to be designed from the ground up, and the first to use open banking data as the backbone for customer experience.

Global vehicle manufacturer

Automotive financing

Testimonials - Fintech X Webflow Template

DirectID began working with Target at the beginning of 2020 to provide open banking data for their new Mortgage Hub. It is the first digital mortgage platform to be designed from the ground up, and the first to use open banking data as the backbone for customer experience.

Shieldpay

Multi-award winning payment platform. Designed for highly secure & efficient transactions. Trusted by over 100 law firms, lenders and professional services.

Testimonials - Fintech X Webflow Template

DirectID began working with Target at the beginning of 2020 to provide open banking data for their new Mortgage Hub. It is the first digital mortgage platform to be designed from the ground up, and the first to use open banking data as the backbone for customer experience.

Target Group

A Tech Mahindra company and a leading business services provider in lending, investments and insurance, managing over £25bn+ assets.

Testimonials - Fintech X Webflow Template

DirectID began working with Target at the beginning of 2020 to provide open banking data for their new Mortgage Hub. It is the first digital mortgage platform to be designed from the ground up, and the first to use open banking data as the backbone for customer experience.

Best Egg

Consumer-lending platform developed by Marlette Holdings, Inc.

Testimonials - Fintech X Webflow Template

DirectID began working with Target at the beginning of 2020 to provide open banking data for their new Mortgage Hub. It is the first digital mortgage platform to be designed from the ground up, and the first to use open banking data as the backbone for customer experience.

Dana

A lending as a service provider using open banking to strengthen their credit scoring engine

Get started using open banking data

Talk with one of our specialists to find out more about using open banking data.

  • Demo of the guided customer consent journey

  • Walk through of our real-time data & insights

  • Coverage check in your markets

Frequently asked questions

Schedule a call
01

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.

02

What is transaction categorisation?

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.

03

How does bank account verification work?

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.

04

How do you verify income with open banking?

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.

Speak with one of our specialists

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