Source: Tink
Leading European open banking platform Tink has announced the launch of ‘Income Check’ in the UK – a service which streamlines income verification using open banking technology.
Tink’s Income Check product allows banks and lenders to instantly verify a person’s income using secure and real-time data directly from their bank account. Using face recognition or with a single click, customers can consent to connecting to their bank account, where incoming transactions over more than 12 months are categorised as salary, pension, benefits or cash deposits.
The result is a convenient and frictionless process for getting a long-term view of a person’s income, which allows for better assessments of creditworthiness and repayment ability - regardless of whether income patterns are regular or irregular, through employed salary or the gig economy. It also means that there is no need to rely on lengthy manual verification processes. This reduces costs and the time it takes to apply, while optimising approval rates.
The UK launch follows the successful rollout of Tink’s Income Check product across Europe in Sweden, Finland, Spain, France, Belgium, Germany and the Netherlands. Tink’s open banking platform is currently live in 18 markets, serving more than 300 financial institutions including NatWest, American Express, Paypal, ABN AMRO and BNP Paribas.
Tasha Chouhan, UK & IE Banking Lead at Tink commented: “While income verification has always been a crucial part of the lending industry, the process itself has been far from simple - until now. With new capabilities made possible by open banking, income verification has finally entered the digital age, taking minutes to check instead of days or weeks. The arrival of our Income Check product in the UK, means that our UK partners can now instantly verify income directly from a user’s bank account, based on granular and secure real-time transaction data.
“This adds value for both businesses and consumers; by making the process fast, frictionless and more accurate, we can reduce costs and enhance the customer experience. At the same time, better use of data enables better decisions, which can make financial services and lending more accessible to a wider pool of people in society.”