Lending, Open Banking
Finicity Introduces Verification of Income and Assets as First in Lineup of Credit Decisioning Solutions
Verification solutions position Finicity to redefine the credit decisioning experience for lenders and borrowers
SALT LAKE CITY – March 27, 2017 – Finicity, a leading provider of real-time financial data aggregation and insights, today announced the availability of new banking and lending solutions in the form of Verification of Income and Assets. These solutions are aimed at lenders looking to free up resources, improve accuracy and reduce fraud, all while giving borrowers a paper-free, hassle-free experience.
VoI and VoA are the first products to be delivered as part of a growing stable of credit decisioning solutions from Finicity that utilize consumer-permissioned transaction data. By using owner-permissioned data, lenders will be introduced to an entirely new segment of borrowers with thin credit files or no credit history at all. In addition to verification of income and assets, Finicity is currently developing other technologies that will propel the lending space forward in a digital age.
The income verification reports include such benefits as confirmation of up to 24 months of historical income, detailed transactions, historical and estimated future income streams, and account totals. The asset verification reports provide bank-validated insights into borrower assets and valuable information like underwriting factors that could affect credit decisioning.
“Our credit decisioning products give lenders the freedom to access the data and information they need, quickly and efficiently, through easy to use APIs,” said Finicity CEO Steve Smith. “Ultimately, our goal is to provide better financial insights through a robust digital experience that allows both lenders and borrowers to make smarter financial decisions.”
To enhance the consumer experience and assurance of report quality, Finicity has become a consumer reporting agency (CRA). As a CRA, Finicity follows FCRA regulations and allows borrowers to directly obtain information on reports or submit disputes. Consumers will soon be able to reach out to the company through its CRA Consumer Portal.
Finicity is currently piloting its asset verification report solution with Fannie Mae as a final step toward receiving Day 1 Certainty™ report supplier approval.
Account access and data quality are core to the Finicity solution. As a result, the company conducted an internal certification process to ensure that its bank APIs deliver the data required for verification reports. Through this program, Finicity will provide access to more than 80 percent of checking, savings and investment account types in the U.S.
This release comes on the heels of a major funding round of $42 million, led by Experian and announced in December 2016. The raised capital is largely dedicated to growing Finicity’s Data Services division, including the expansion of its credit decisioning product line. Experian and Finicity also announced last week their partnership to digitize the lending experience, starting with asset and income verification services.
Finicity is attending the National Technology In Mortgage Banking Conference & Expo in Chicago, March 26-29. If you’re interested in setting up a meeting at the show, email firstname.lastname@example.org. To stay up to date on all Finicity company and product announcements, visit the website at finicity.com.