European platform Tink has confirmed the launch of ‘Income Check’ in the UK, as it eyes enhanced efficiency within income verification using open banking technology.
The product enables banks and lenders to efficently verify a person’s income using secure and real-time data directly from their bank account.
It also utilises facial recognition or with a single click, customers can consent to connect to their bank account, where incoming transactions over more than 12 months are categorised as salary, pension, benefits or cash deposits.
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.”
Furthermore, the platform also removes the 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.