Tink Intros Instant Earnings Verification Service
Open banking platform Tink is rolling out a new service in the UK that allows lenders to verify a person’s income using real-time data from their bank account, simplifying the whole verification process.
Income Check is Tink’s new product that leverages facial recognition or one-click verification to connect to a user’s bank account, where transactions are grouped by salary, pension, benefits and cash deposits.
See also: Open Banking Series: Payments for Infrastructure
Tink’s latest solution gives lenders an easy way to view a client’s income over a longer period to get a clearer assessment of creditworthiness and repayment capacity. This long-term snapshot provides a comprehensive overview that shows the irregular payments of self-employment and the gig economy.
The tool also removes the need for slow manual verification processes, reduces expenses, reduces application time and increases approval rates, according to the release. The introduction of the tool in the UK follows a successful launch across Europe in Sweden, Finland, Spain, France, Belgium, Germany and the Netherlands.
Currently present in 18 markets, Income Check works with more than 300 financial institutions, including NatWest, American Express, Paypal, ABN AMRO and BNP Paribas.
Read more: Lemonway and Tink partner on open banking payments across Europe
“While income verification has always been a crucial part of the credit industry, the process itself has been far from straightforward – until now. Thanks to new capabilities made possible by open banking, the Income verification has finally entered the digital age, taking minutes to verify instead of days or weeks,” said Tasha Chouhan, Head of UK Banking and IE at Tink.
“The arrival of our Income Check product in the UK means that our UK partners can now instantly check income directly from a user’s bank account, based on granular and secure real-time transaction data”, Chouhan said.
Chouhan added that the new solution is a benefit to individuals and businesses as it offers reduced overhead with an improved user experience, as well as a faster and more accurate overall process.