Digital Bank Account Check

In many cases, in credit and leasing transactions, inquiries about an applicant’s monthly income and regular expenditure unnecessarily delay the application process. Frequently applicants do not have immediate access to reliable information or they are reluctant to talk in detail about their financial situation in a personal interview. The financial services provider, in turn, can only evaluate the data on the basis of their plausibility. Digital solutions can simplify the process of an assessment of credit-worthiness for all parties involved and lead to an increase in the retailer’s or financial-services provider’s closure rate.

The afb Business Service ‘Digital Bank Account Check’ makes the data for the applicant’s credit-worthiness check available through system-resident, direct and immediate access to the applicant’s online account. It thereby simplifies the budget accounting and the calculation of liquidity. This way it not only obviates the submission of salary substantiation vouchers – the entire process for generating the budget account is fully automated and runs in the background, invisible to the trader.

Features Digital Bank Account Check

    • Request for electronic account statements incl. real-time transaction data
    • Implementation with option of advance solvency checks (e.g. prior to visit of premises)
    • Grouping of transactions into income and expenditure as well as assignment to specific categories such as salary, electricity, insurance premiums, living costs, etc.
    • Validation check of the account holder’s financial situation
    • Automatic assignment of the electronic account statement to the transaction file
    • Verification of account from which instalments are to be paid
    • Data in application for financing are directly processed, no need for manual calculations or checks

      Advantages at a glance

      • Greater data quality: financial services providers receive reliable data about budget accounts and liquidity calculations since the payment-transaction data are selected directly from the customer’s account and made available in aggregate form. This obviates the use of lump-sums in the budget account.
      • More security: this way the account from which the pending instalment payments are to be debited is verified. In addition financial services providers can conduct a precise default probability calculation on the basis of specific individual data on income and expenditure.
      • Faster handling: the reliable digital account inquiry achieved in a matter of seconds replaces the time-consuming dispatch of salary vouchers. The financial services provider no longer needs to check documents and the application process is considerably expedited.

       

      • Greater customer satisfaction: sales interviews can completely dispense with queries about sensitive financial data. All necessary information flows automatically into the application for financing. The data are concealed from the retailer and only visible for the financial services provider.
      • No media disruption: the financial information from the account inquiry can be directly further processed in the afb CMS without manual intervention, thereby providing the basis for the automatic financing decision. This saves time and reduces the error rate.

       

      For more information, please contact us

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