Credas, a leading provider of IDV technology, has added financial checks to their offering via their new Open Banking module.
Through Credas’ Open Banking module, customers will be able to connect with 100s of account providers and effortlessly provide financial statements to their estate agents, mortgage provider or conveyancers in just a few clicks.
Not only will this help speed up the homebuying process, but the reports also contains summarised data such as the source and type of income, enabling firms to quickly identify suspicious transactions.
Partnering with Equifax, Credas has created a unique and configurable service, meaning customers can choose between taking the ‘off the shelf’ version or creating their very own. The Credas Bank Account Analysis will not only download transaction history but categorise the transactions into an easily consumable report which will highlight any high-risk spending (such as gambling or debt repayments), and disposable income and provide affordability insights.
Tim Barnett, Credas CEO, commented
“Many firms are still relying on outdated and unreliable methods to verify Source and Proof of Funds.
These methods are putting many firms at risk with fake bank statements easily obtainable online. Some firms attempt to counter this by requesting all statements are verified in branch which can cause delays in the homebuying process.
By utilising Open Banking, we are reducing the amount of time it takes for homebuyers to provide genuine financial statements to their agent or solicitor.”
Source of Funds checks are a growing concern for the industry, with many firms failing to meet their legal obligations through a lack of understanding or inefficient processes. In their latest AML review, the SRA found that 43% of files did not have appropriate Source of Funds checks, information, or evidence.
As well as their new Open Banking Module, Credas have added a number of new updates over the last month, which will enable firms to take greater control of their compliance processes. Those updates include custom branding, PEPs and Sanctions screening profiles, Land Registry integration and shareable digital IDs.