Overview
Get Enhanced Bank Account Data
Bank Aggregation uses consumer bank account information to predict good and bad borrowers and to ensure funds are available for payment processing.
With Bank Aggregation you get enhanced data to help you make informed decisions, by verifying identity, employment, income source, income amount, income frequency, loan stacking, expense trends, ability to repay, life events, and much more.
Overview
Validate income, expenses, and payment patterns
Bank Aggregation uses data directly from a bank account. Get the balance, deposits, and detailed transaction information. We apply data science, machine learning, and analytics to identify the most important bank account’s behaviors in easy to use results.
With Bank Aggregation you get truly alternative data to help you make informed decisions, by verifying identity, account ownership, employment, income amounts and frequency, debt stacking, expense trends, the ability to pay, life events, marketing opportunities, and much more.
We have the largest financial institution coverage at 31,000+ with over 48,000 connections for built-in redundancy.
Use Case Solutions
Verify Bank Account
Verify accounts in seconds and aggregate your customers’ financial information quickly and securely.
Ability to Repay
Real-time data provides insight into customer’s financial situation and determines the cash flow and net income for credit decisions.
Increase Client Acquisitions
Real-time data provides enhanced insight on consumers that you might have declined and allows you to offer better terms.
Improve Compliance
FCRA permissible and preferred service, reduces scrutiny from regulators, protecting consumer and financial service provider.
Funds Verification
Bank Aggregation allows you to eliminate nearly all returns by validating that sufficient funds are available to process a debit payment.
Income & Employment Verification
Automate verifying income and employment information, to increase accuracy, identify more information, and validate 24/7.
Credit Decisions
Our risk score supplements credit reports with live consumer banking data, providing a fuller view of a consumer’s actual financial condition.
Marketing and Product Selection
Use bank account data to create interest segments, deploy adaptive offers and to place the right offer in front of them at the right time.
Credit Increases
Proactively increasing credit limits is crucial to expanding customer value and creating additional revenue. Bank Aggregation allows you to identify customers eligible for a credit increase.
Account Monitoring
Monitor for high-risk activities, income changes, negative balances, collection activities, or severe late payment behavior to detect when shifts arise that may impact ability to collect.
Collections
Spend more time and effort collecting from the right accounts. Bank Aggregation indicates which accounts are still active, receiving income, and helps you prioritize your collection efforts.
Pre-populate Application
A unique and easy-to-use process to expedite the application process. Once users select their bank and enter their credentials routing and account numbers are populated .
Data Attributes
Transactions
Uses proprietary algorithms to accurately cleanse, categorize, and classify the transactions from the bank account.
Statistics
Provides dozens of measurements and calculations, validates income & employer information, projects cashflows, counts negative balances, and more.
Risk Score
Enables consumers to contribute their checking and savings account data to provide a broader view for assessing creditworthiness.
Ownership & Account Validation
Maximize your conversions. This attribute quickly returns the name, address, phone, routing, and account number from the bank account.
Case Study
Turning Declines Into Originations
ValidiFI is the primary Bank Aggregation data source for a leading point of sale car repair FinTech. The FinTech uses ValidiFI’s Risk Score data attribute to instantly underwrite applicants that were cut off because of a low traditional credit score. The Risk Score was able to provide instant financial information and identify credit worthy applicants.
The results were dramatic with nearly 25% of the declined applicants turning into originations, and becoming part of the FinTech success story.
Case Study
Borrowers' risk profile
ValidiFI is the primary Bank Aggregation data source for a leading point of sale car repair FinTech. The FinTech uses ValidiFI’s Risk Score data attribute to instantly underwrite applicants that were cut off because of a low traditional credit score. The Risk Score was able to provide instant financial information and identify credit worthy applicants.
The results were dramatic with nearly 25% of the declined applicants turning into originations, and becoming part of the FinTech success story.