https://www.decisionlogic.com/ DECISIONLOGIC Tue, 19 Nov 2024 13:23:05 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://www.decisionlogic.com/wp-content/uploads/2021/10/cropped-DL_logo_favicon-32x32.png https://www.decisionlogic.com/ 32 32 Equipment Finance https://www.decisionlogic.com/equipment-finance/ Wed, 07 Feb 2024 13:57:13 +0000 https://www.decisionlogic.com/emerging-industries-copy/ Equipment Finance With DecisionLogic, monitoring accounts is a breeze using our Instant Refresh feature to pull real-time data on demand.Transaction data straight from the financial institution makes fraudulent bank statements a thing of the past. Streamline your document collection from hours or days to minutes. Verify your clients even when they’re out driving on the […]

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Equipment Finance

With DecisionLogic, monitoring accounts is a breeze using our Instant Refresh feature to pull real-time data on demand.

Transaction data straight from the financial institution makes fraudulent bank statements a thing of the past.

Streamline your document collection from hours or days to minutes. Verify your clients even when they’re out driving on the road. Because business doesn’t stop, and neither should your loan decisioning process.

Bring it all together with unlimited, comprehensive world-class support for you, your team and your borrowers, at no additional fee.

Solutions

Virtually eliminate fraud and monitor the account for the entire life cycle of the loan with DecisionLogic’s suite of automation tools.

Eliminate fraudulent pay stubs and bank statements with data directly from the financial institution.

Spot existing loans with up-to-the-minute transactional data which allows you a panoramic view of loan positioning, and recent activity.

Evaluate cash flow between accounts and spot transfers.

Quickly identify the information you need with our Summary Analytics, rather than reviewing the borrower’s monthly transactional statements line by line.

Use Instant Refresh to monitor cash flow for the life of the agreement.

Prevent loan stacking using DecisionLogic’s Instant Refresh feature to get a fresh view of what’s happening in the account at any time.

Unlimited support for you and your borrowers. “We stand behind each and every bank statement”.

Real-time banking information! No more working off an old Month-to-Date (MTD).

Utilize our DL Match ID verification tool powered by Experian to help satisfy your KYC requirements.

DecisionLogic Secure Equipment Finance Verification Solutions

Most Valued Features

  • Account data and Identity Verification in one product.
  • Streamlined processing.
  • Live support via multiple channels.

Key Analytics

  • Deposits
  • Loan Debit
  • NSF’s
DecisionLogic Real-Time Financial Data

Request a demo to experience the DecisionLogic Difference in your business today.

Get Started!
DecisionLogic automated income verification

Related Industries

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Consumer Lending
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Business Lending
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Emerging Industries

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]]> Emerging Industries https://www.decisionlogic.com/emerging-industries/ Wed, 07 Feb 2024 13:56:47 +0000 https://www.decisionlogic.com/tribal-lenders-copy/ Emerging Industries Are you in revenue-based lending? Buy Now Pay Here? Or anything in between? DecisionLogic can help remove friction in your process for a smooth user journey from first engagement and beyond!   Virtually eliminate fraud by sending a DecisionLogic link right before funding to make sure there is no loan stacking. If you’re targeting account […]

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Emerging Industries

Are you in revenue-based lending? Buy Now Pay Here? Or anything in between?

DecisionLogic can help remove friction in your process for a smooth user journey from first engagement and beyond! 
 

Virtually eliminate fraud by sending a DecisionLogic link right before funding to make sure there is no loan stacking.

If you’re targeting account monitoring solutions, use Instant Refresh to keep an eye on the account health throughout the term of the loan. 
 
Did “streamlined underwriting” make your list of must-haves? Up-to-the-minute transactional data allows you a panoramic view of loan positioning and recent account activity. 
 
Not to mention no need to get a new bank statement for renewals or collections, send a link and be done in minutes!

Solutions

With best in the industry conversion rates, unlimited support and a full suite of automation tools, DecisionLogic has the critical resources you need to scale your business.

Eradicate fraudulent paystubs and banking statements by instantly accessing transaction data directly from financial institutions.

Effortlessly verify employment, income and deposit frequency through Summary Analytics.

Enhance customer convenience by embracing digital bank statements, eliminating the need for hard copies.

Pinpoint cash flow using real-time banking data.

Authenticate self-employment, social security, and other alternative income sources through deposit categorization.

Bid farewell to time-consuming three-way calls to banks.

Dramatically reduce the necessity for employment verification calls.

Attain read-only access to all accounts linked to a user’s credentials.

Efficiently streamline the verification and document collection process, reducing it from days to mere minutes.

Offer a no-credit-check-required financing option.

Cut down on vendors with our ID Verification tool, powered by Experian, which also performs OFAC checks.

Significantly decrease default rates like never before.

DecisionLogic Secure Tribal Lending Verification Solutions

Most Valued Features

  • Unlimited technical and customer support.
  • No contracts or minimums.
  • Unparalleled conversion rates.

Key Analytics

  • Payroll
  • Self Employment Income
  • Overdraft
DecisionLogic Real-Time Financial Data

Request a demo to experience the DecisionLogic Difference in your business today.

Get Started!
DecisionLogic automated income verification

Related Industries

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Consumer Lending
Business Lending icon
Business Lending
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Auto Lending
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Equipment Finance
Tribal Lending icon
Tribal Lending

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]]> Tribal Lenders https://www.decisionlogic.com/tribal-lenders/ Wed, 07 Feb 2024 13:56:24 +0000 https://www.decisionlogic.com/tenant-verification-copy/ Tribal Lending Tribal Lenders across the nation have trusted DecisionLogic as a critical partner in their lending ecosystem.  We understand the unique needs of this specialized vertical and have developed powerful solutions to streamline the collection of bank data allowing you to make better, faster loan decisions.  As a licensed tribal vendor, we make onboarding […]

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Tribal Lending

Tribal Lenders across the nation have trusted DecisionLogic as a critical partner in their lending ecosystem. 

We understand the unique needs of this specialized vertical and have developed powerful solutions to streamline the collection of bank data allowing you to make better, faster loan decisions. 

As a licensed tribal vendor, we make onboarding virtually friction-free with custom pricing and the ability to facilitate individual entities under the same tribe or servicing company. 

We expedite automation from kickoff to go-live with unlimited integration, customer and borrower support included. Prioritized assistance from actual humans available via phone, email or chat. 

Solutions

DecisionLogic is a tribal approved partner that understands your unique business needs eliminating the necessity for paper bank statements.

Target account monitoring optimizations, and keep an eye on the account health throughout the term of the loan.

Up-to-the-minute transactional data allows you a panoramic view of loan positioning, and recent activity.

Unlimited support for you and your borrowers “We stand behind each and every bank statement”.

Evaluate cash flow between accounts with a complete view of the applicant’s financial health.

Real-time banking information at your fingertips in seconds.

Virtually eliminate fraud, send a DecisionLogic link right before funding to make sure there is no loan stacking.

Verify the consistency of payroll deposits, and the employer with DecisionLogic’s Income Stability Score.

Reduce vendors with our ID Verification tool powered by Experian that does OFAC checks too!

DecisionLogic Secure Emerging Industries Verification Solutions

Most Valued Features

  • Streamlined onboarding and profile set up.
  • Comprehensive borrower support.
  • Individualized account management. 

Key Analytics

  • Payroll
  • Other Income
  • Overdraft
DecisionLogic Real-Time Financial Data

What our customers are saying…

“The onboarding was super-fast and so easy, we are thrilled with the product and the support we have received.” 
Consumer Tribal Lender
“DecisionLogic is essential to our lending practices, and we rely on your data to make the best loan decisions possible.” 
Consumer Tribal Lender

Request a demo to experience the DecisionLogic Difference in your business today.

Get Started!
DecisionLogic automated income verification

Related Industries

Consumer Lending icon
Consumer Lending
Business Lending icon
Business Lending
Auto Lending icon
Auto Lending
Tenant Screening icon
Tenant Verification
Equipment Finance icon
Equipment Finance
Emerging Industries icon
Emerging Industries

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]]> Tenant Verification https://www.decisionlogic.com/tenant-verification/ Wed, 07 Feb 2024 13:55:59 +0000 https://www.decisionlogic.com/auto-lending-copy/ Tenant Verification Need applicant income verification without the credit pull cost?   IAV gives you up-to-the-minute transaction details at a fraction of the price of a “big three” credit pull. Reduce your cost of goods by up to 30% by not having to pull credit on every tenant application.  Eliminate fraudulent pay stubs and bank statements […]

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Tenant Verification

Need applicant income verification without the credit pull cost? 
 

IAV gives you up-to-the-minute transaction details at a fraction of the price of a “big three” credit pull. Reduce your cost of goods by up to 30% by not having to pull credit on every tenant application. 

Eliminate fraudulent pay stubs and bank statements with data directly from the financial institution. Streamline the document collections process by giving your applicants the option to verify electronically right from their mobile phone.

Reduce time looking for alternative income sources with summarized income details at your fingertips, allowing you to quickly identify income to see if they meet your 2.5x-3x rent qualification.

Reduce frustration with a world-class Support Team available via phone, chat or email to assist with everything from training to integration, all at no additional charge to you. 

Solutions

DecisionLogic is revolutionizing tenant verification services with digital bank statements, reducing the cost of goods by 35% and speeding up turnaround time from 3 days to just seconds.

Eliminate fraudulent pay stubs and bank statements with data directly from the financial institution.

Instantly verify employment, income, available balances and deposits all in one easy-to-read report.

Reduce vendors with our ID Verification tool powered by Experian that does OFAC checks too!

Unlimited support for you and your tenants. “We stand behind each and every bank statement”.

Reduce your cost of goods buy up to 30% by not having to pull credit on every tenant application.

Streamline the document collections process by giving your applicants the option to verify electronically right from their mobile phone.

Full tech support for your development team to get your automation up and running in days instead of months.

No more 3-way calling banks or employers.

Reduce time spotting alternative income sources with summary income details allowing you to quickly identify all income to see if they qualify.

DecisionLogic’s instant account verification is up-to-the-minute transaction details at a fraction of the price of a big three credit pull.

DecisionLogic Secure Tenant Screening Verification Solutions

Most Valued Features

  • Online process optimization.
  • Income validation and stability scoring.
  • Extensive live support for agents and applicants.

Key Analytics

  • Deposits
  • Overdrafts
  • Payroll
DecisionLogic Real-Time Financial Data

What our customers are saying…

“There is nothing better than a real-time bank statement when trying to assess risk. DecisionLogic’s report and historical data is second to none.”
– Tenant Verification client

Request a demo to experience the DecisionLogic Difference in your business today.

Get Started!
DecisionLogic automated income verification

Related Industries

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Emerging Industries

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]]> Auto Lending https://www.decisionlogic.com/auto-lending/ Wed, 07 Feb 2024 13:55:29 +0000 https://www.decisionlogic.com/consumer-lending-copy/ Auto Lending Cars are built for speed, why isn’t auto lending? It can be with DecisionLogic and a real-time process.  Boost conversion rates – The more borrowers with successful bank verification, the less time you spend on the labor-intensive, manual process of collecting possibly fraudulent hardcopies. And DecisionLogic has the best conversion rates in the industry. Optimize […]

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Auto Lending

Cars are built for speed, why isn’t auto lending? It can be with DecisionLogic and a real-time process. 
 
Boost conversion rates – The more borrowers with successful bank verification, the less time you spend on the labor-intensive, manual process of collecting possibly fraudulent hardcopies. And DecisionLogic has the best conversion rates in the industry.
 
Optimize decisioning – With DecisionLogic’s Auto Summary Analytics included with every report, you have the data points you need in seconds to make lending decisions lightning fast.

Automate the workflow – DecisionLogic has more than a decade of experience perfecting the user journey. Let us help you modernize your online process with API integration and custom UX recommendations. 

Cut down on vendors – Why use a vendor for Identity Verification, another for Bank Verification and yet another to manage it all? See if your LMS provider is integrated with DecisionLogic’s IAV and IDV products. If they aren’t, ask them to get integrated ASAP. This will centralize all your most critical underwriting tools in one place. 

Solutions

The need to digitize and automate processes in the Auto industry has never been greater. DecisionLogic has the tools you need to reduce fraud and streamline underwriting in real time.

Eliminate fraudulent paystubs and banking statements with transaction data straight from the financial institution in seconds.

Instantly verify employment, income and deposit frequency with Summary Analytics.

Reduce customer friction with digital bank statements, you no longer need hard copy documents.

Identify cash flow using real-time banking data.

Verify self-employment, social security and other alternative income sources with deposit categorization.

No more time consuming 3-way calling to banks.

Virtually eliminate the need to call the employer for verification.

Get read-only access to all accounts associated with credentials.

Streamline the verification and document collection process from days to minutes.

Provide a no-credit-check-required option for financing.

Reduce vendors with our ID Verification tool powered by Experian that does OFAC checks too!

Decrease default rates like never before.

DecisionLogic Secure Auto Verification Solutions

Most Valued Features

  • Role-based access to limit report view.
  • End-to-end automation support.
  • All-inclusive agent training.

Key Analytics

  • Driver Income
  • Floorplan Credit
  • Self Employment Income
DecisionLogic Real-Time Financial Data

What our customers are saying…

“My account manager was essential in making our trial of the platform a success. He gave us the best understanding on how to use the system to help our customers get through the login process successfully.”
– Auto/Floorplan Lender

Request a demo to experience the DecisionLogic Difference in your business today.

Get Started!
DecisionLogic automated income verification

Related Industries

Consumer Lending icon
Consumer Lending
Business Lending icon
Business Lending
Tenant Screening icon
Tenant Verification
Equipment Finance icon
Equipment Finance
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Tribal Lending
Emerging Industries icon
Emerging Industries

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]]> Consumer Lending https://www.decisionlogic.com/consumer-lending/ Wed, 07 Feb 2024 13:55:00 +0000 https://www.decisionlogic.com/business-lending-copy/ Consumer Lending Instant Account Verification has become a must-have for consumer lenders, and DecisionLogic is the gold standard solution that savvy consumers ask for by name. We work with 9 out of 10 of the top online consumer lenders in the U.S. and maintain unparalleled conversion rates with almost 90% of borrowers stepping through our […]

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Consumer Lending

Instant Account Verification has become a must-have for consumer lenders, and DecisionLogic is the gold standard solution that savvy consumers ask for by name. We work with 9 out of 10 of the top online consumer lenders in the U.S. and maintain unparalleled conversion rates with almost 90% of borrowers stepping through our perfected user interface. 
 

We have direct API connections with banks, and multiple data providers for the most complete, real-time data possible to virtually eliminate fraud and streamline your bank verification.

Our world-class support teams can quickly have you set up with integration assistance or an out-of-the box lender portal at no additional charge. With no contracts, minimums, or hidden fees, you could be seeing the best conversion rates in the industry as soon as tomorrow. 

Solutions

Whether online or storefront, automated or manual, DecisionLogic has perfected the customer journey. 

Verify the consistency of payroll deposits, and the employer with DecisionLogic’s Income Stability Score.

Replace your existing ID verification with our DL Match report powered by Experian which includes an OFAC check.

You can be fully automated using our existing integrations with the top POS, LMS, and LOS platforms in the industry.

Use our out-of-the-box lender portal for a centralized process.

Quickly identify the information you need with our Summary Analytics, rather than reviewing the borrower’s monthly transactional statements line by line.

Streamline the underwriting process with transaction data straight from the financial institution in seconds.

Reduce customer friction with digital bank statements, you no longer need hard copy documents.

DecisionLogic Secure Consumer Lending Verification Solutions

Most Valued Features

  • A “no tech required” Lender Portal for instant start up.
  • The ability to send requests via email and SMS.
  • A combined IAV and zero-friction IDV option in one data pull.

Key Analytics

  • Payroll
  • Stimulus Income
  • Deposits
DecisionLogic Real-Time Financial Data

What our customers are saying…

“No other company has the support and coverage you provide.”
– Consumer Lender – Installment Loans
“The DL support staff helped change our entire process. We now have multiple stores using DecisionLogic successfully. This has helped lower our default rates by 22%”
– Consumer Lender – Payday Storefront Loans

Request a demo to experience the DecisionLogic Difference in your business today.

Get Started!
DecisionLogic automated income verification

Related Industries

Business Lending icon
Business Lending
Auto Lending icon
Auto Lending
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Tenant Verification
Equipment Finance icon
Equipment Finance
Tribal Lending icon
Tribal Lending
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Emerging Industries

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]]> Business Lending https://www.decisionlogic.com/business-lending/ Wed, 07 Feb 2024 13:47:43 +0000 https://www.decisionlogic.com/?p=8022 Business Lending Tired of IAV providers that make everything more complicated? Vendors who nickel-and-dime you to death, then take months to get the system into production with little to no support?  Eliminate Month-to-Dates with DecisionLogic’s real-time banking data, giving you all the transactional information you need at your fingertips.  Prevent loan stacking and spot existing […]

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Business Lending

Tired of IAV providers that make everything more complicated? Vendors who nickel-and-dime you to death, then take months to get the system into production with little to no support? 

Eliminate Month-to-Dates with DecisionLogic’s real-time banking data, giving you all the transactional information you need at your fingertips. 

Prevent loan stacking and spot existing loans using DecisionLogic’s Instant Refresh feature to get a real-time view of what’s happening in a bank account at any time. 

Fraudulent bank statements are a thing of the past with digital bank data straight from the financial institution. 

DecisionLogic can have you up and running in as little as one business day. No hidden fees or contracts, and unlimited support from our world-class customer teams at no additional cost to you.

Solutions

Start fraud-proofing your underwriting process today with DecisionLogic’s digital bank statements. Real-time financial data to make decisioning lightning fast. 

Streamline the verification and document collection process from days to minutes.

Full tech support for your development team to get your automation up and running in days instead of months.

Use DecisionLogic’s IAV before an ACH pull to validate account activity.

Use our out-of-the-box lender portal for a centralized process.

Eliminate fraudulent paystubs and banking statements with transaction data straight from the financial institution in seconds.

Eliminate back and forth with borrowers by using Instant Refresh.

Target account monitoring optimizations, and keep an eye on the account health throughout the term of the loan.

Prevent loan stacking using DecisionLogic’s Instant Refresh feature to get a fresh view of what’s happening in their account at any time.

Evaluate cash flow between accounts with a complete view of the applicant’s financial health.

Real-time banking information! No more working off an old Month-to-Date (MTD).

Instantly verify employment, income, available balances and deposits all in one easy-to-read report.

DecisionLogic Secure Business Lending Verification Solutions

Most Valued Features

  • Refreshed data on demand.
  • Unlimited comprehensive support.
  • Easy onboarding.

Key Analytics

  • Loan Debit
  • NSF’s
  • Deposits
DecisionLogic Real-Time Financial Data

What our customers are saying…

“We tried a competitor, and it wasn’t the same. They gave us minimal, or no support and the verification didn’t work half the time. Your platform is better all around”.
– Merchant Cash Advance Lender

Request a demo to experience the DecisionLogic Difference in your business today.

Get Started!
DecisionLogic automated income verification

Related Industries

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Consumer Lending
Auto Lending icon
Auto Lending
Tenant Screening icon
Tenant Verification
Equipment Finance icon
Equipment Finance
Tribal Lending icon
Tribal Lending
Emerging Industries icon
Emerging Industries

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]]> Who are we? https://www.decisionlogic.com/who-are-we/ Wed, 23 Feb 2022 18:21:35 +0000 http://www1.decisionlogic.com/?p=744 Published on 3/10/2022 Who are we? DecisionLogic is an information services company built around the predictive power of bank statements. We are a leading provider of borrower bank account and identity verification services for lenders and other financial institutions.  Over the years and through hard work and innovation, we have become bank statement experts. Our Instant Account […]

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DecisionLogic Logo

Published on 3/10/2022

Who are we?

DecisionLogic is an information services company built around the predictive power of bank statements. We are a leading provider of borrower bank account and identity verification services for lenders and other financial institutions. 
 
Over the years and through hard work and innovation, we have become bank statement experts. Our Instant Account Verification (IAV) solution has become the industry gold standard.
 
Our mission is to improve financial lives.  We seek to better the loan process for lenders and borrowers to create opportunities for those in need to access financial assets which can be so critically important to their well-being. We achieve this through innovative technologies, our commitment to data quality and superior customer support.
 
What does that mean?
 
This means that we are a life goal facilitator and financial health shepherd to those who may have found themselves lost in the financial shuffle. Our service gives lenders a simple read-only view of a borrower’s transactional history allowing them to make faster, more accurate lending decisions at a point in a borrower’s life where they may desperately need it.
 
The account data comes directly from the bank virtually eliminating bank statement fraud. With the best bank coverage in the industry, including online institutions and credit unions, we cover 98% of all online bank accounts in the U.S. 
 
Our identity verification (IDV) product powered by Experian helps our lenders with compliance and KYC, while limiting vendor onboarding. Identity verification can also be added to any account verification pull streamlining the workflow even further. Two cutting-edge products with one invoice! 
 
 
Why do we do it?
 
We are committed to fast – Banking transaction history and identity verification in real-time, not days later. Our Summary Analytics and income scoring with every bank statement also pinpoint critical data points you need to make lightning-fast underwriting decisions.
 
We are committed to secure – We are CCPA, FCRA, and PCI compliant. We safeguard everything from the backend code to the borrower stepping through the process. We are continuously reviewing internal hardware, software, and processes for opportunities for enhanced risk shielding. 
 
We are committed to accurate – Our team will stand behind every bank statement, meaning we will dig into the entire event history and backend code to resolve any issues and provide insight.
 
We are committed to low friction – We founded the IAV technology and have spent more than a decade honing our user journey and onboarding to be what is now – the industry gold standard. You have no minimums or contracts, and your borrower can have as simple as a 2-step process that takes less than a minute to step through. It doesn’t get much easier than that.
 
We are committed to you – We have support teams to help you and your agents with everything from training to custom workflow recommendations. And to step your borrowers through the verification process should they need a guiding hand. We have technical teams to help your developers from kick off to go live and every sprint release in between. We are so committed to you that we offer this at no additional charge to every client regardless of length and size of relationship. We believe that’s what a true partner in your business would do, and that’s what we are. It’s the DecisionLogic difference. 
 

Recent Posts

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]]> Understanding Instant Account Verification (IAV) https://www.decisionlogic.com/understanding-instant-account-verification-iav/ Thu, 03 Feb 2022 18:52:22 +0000 https://www.decisionlogic.com/?p=3368 Published on 1/10/2022 Understanding Instant Account Verification (IAV) Instant Account Verification (IAV) is a process that is becoming increasingly popular among lenders, banks, and financial institutions. IAV is used to verify a customer’s identity and their ability to repay a loan or open an account. It is a fast and secure way for businesses to […]

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bank account

Published on 1/10/2022

Understanding Instant Account Verification (IAV)

Instant Account Verification (IAV) is a process that is becoming increasingly popular among lenders, banks, and financial institutions. IAV is used to verify a customer’s identity and their ability to repay a loan or open an account. It is a fast and secure way for businesses to verify their customers, making it the perfect tool for underwriting loans, verifying accounts, and funding new accounts. 
 
In this blog post, we will discuss what Instant Account Verification (IAV) is, how it works, and how it can benefit businesses.
 
What is IAV?

Instant Account Verification (IAV), also known as Instant Bank Verification (IBV), is a process that is becoming increasingly popular among lenders, banks and financial institutions. IAV is used to validate many things depending on the business using it. Some of the most common uses are to verify a customer’s identity, employment, their ability to repay a loan or approve a property rental agreement. It is a fast and secure way for businesses to verify their customers, making it the perfect tool for underwriting loans, verifying identity and validating financial standing. 

Below, we will go into more detail on what Instant Account Verification (IAV) is, how it works, and how it can benefit both businesses and applicants alike.

How does IAV work?

IAV is a common term in the lending and alternative lending industry, referring to a bank account verification process and typically can be completed in a couple different ways depending on the lender. One version might involve filling out a loan application on the lender’s website. At some point, the borrower will be presented with a screen asking for their bank’s online login credentials. A common next step is to answer any security questions the borrower may have set up with their bank. It could also be an OTP, or One Time Pin, or a “Captcha” requirement. A captcha is a little grid of squares asking, for example, which ones have cars in them or to input the letters and numbers you see in the box. Once this step is complete, the customer has completed the bank verification (IAV) part of the process. Yes, it’s that simple! 

Another way this might be done is the lender will send a customer an email or text message that is clicked on. It will open a new browser window for the user to step through the IAV process with the same steps described above. Still fast and easy.

At this point, the lender receives a read-only version of the applicant’s bank statement. This is a digital bank statement that shows all the balances and transaction history to help make a determination on if, and how much, a lender is willing to lend. 

Similarly, a property rental company may use the digital bank statement to validate that an applicant is employed and receiving regular payroll deposits. It verifies the ability to pay the monthly rental fees they are asking for. 

What are the benefits of IAV for a business?

IAV is an efficient and secure way for lenders to verify bank transactions and virtually eliminate fraud. Using IAV also puts an end to the need for customers to provide hard copy documentation such as a voided check or a routing number to confirm ownership of a bank account. This means that businesses can verify customer accounts in real time and quickly fund new loans.

Businesses can benefit from IAV by streamlining the underwriting process and reducing the risk of fraudulent activity associated with a manual verification process. Additionally, the use of IAV helps to ensure accurate and up-to-date information in customer accounts. Lenders have access to the most recent data related to customer banking accounts including current balances, payment history and transactions made. This helps them make faster and more informed decisions when it comes to underwriting loans or verifying accounts. 

Furthermore, because all of the data is accessed through a secure process, there is virtually no risk of information being compromised during the process. As a result, businesses can reduce their exposure to fraud and costly mistakes that could arise from manually processing data. 

IAV is becoming increasingly popular among banks, lenders and other financial institutions due to its efficiency, accuracy and security features which make it ideal for verifying financial viability and setting up new loans quickly and securely. 
 
What are the benefits of IAV for a borrower or applicant?

According to a recent survey, over 85% of lenders now use IAV to verify bank transactions. This helps them improve the security of their customers’ accounts, reduce fraud, and protect their investment from financial losses. Additionally, IAV allows for faster processing of payments and funding of new accounts, which can help customers get their money faster.

Customers no longer need to provide documentation or wait for a manual process to be completed to apply for a loan. The elimination of paper-based processes also means that customer data is more secure and less vulnerable to fraud.

OAuth Connections and Instant Account Verification.

OAuth is a technology that allows users to securely connect their bank accounts to a third-party platform, such as an online loan provider, for account verification and loan funding. With OAuth, financial institutions can offer a secure way to connect user bank accounts and process loan applications quickly. 

Instant Account Verification (IAV) takes the secure connection provided by OAuth and adds another layer of security to the process. When a user connects their bank account via OAuth, IAV uses the same connection to perform a deep dive into the user’s financial history. IAV allows lenders to verify the user’s identity, check for any fraudulent activity, and provides valuable insight into the user’s creditworthiness and financial health. 

Backup Connections via Multi-sourced Aggregation.

Multi-sourced Aggregation or “multiple aggregators” is the practice of utilizing more than one data provider for your IAV process. This is a best practice for several reasons. First, it allows continuity of service if your main data provider goes down. Second, it allows you to have the most complete data set from the best source at the time, assuming you have an IAV provider like DecisionLogic that prioritizes data sources by conversion rate. 

Data sources go down, have maintenance windows, lose bank connections; but with multiple data providers, you don’t have to. Your IAV vendor can seamlessly swap out data providers on the back end without any friction or disruption to your customers and more importantly, your business.

DecisionLogic also offers additional benefits beyond IAV. 

Besides the powerful benefits from multi-sourced aggregation, DecisionLogic’s IAV fueled digital bank statements can provide valuable insights into customer behavior and spending patterns, which can be used to improve the customer experience and increase customer loyalty. Additionally, it allows businesses to leverage more data sources without adding additional vendors or expenses for more accurate analysis and better decision-making.

Along with proprietary analytics, custom scoring, industry leading identity verification powered by Experian, and unlimited end-to-end support, DecisionLogic is a partner every lender needs in their arsenal.

Contact DecisionLogic to learn more about IAV and the suite of products we offer at support@decisionlogic.com.

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]]> Identity Verification – The DecisionLogic Way https://www.decisionlogic.com/identity-verification-the-decisionlogic-way/ Thu, 30 Mar 2023 14:30:00 +0000 https://www.decisionlogic.com/understanding-instant-account-verification-iav-copy/ Published on 3/30/2023 Identity Verification – The DecisionLogic Way Why it’s importantIdentity verification, or IDV as it’s commonly known, is extremely important for many reasons. First and foremost, it’s used for KYC (Know Your Customer), a compliance requirement many industries are required to follow. It breaks down exactly as it sounds. Do you know who […]

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Identity Verification - The DecisionLogic Way

Published on 3/30/2023

Identity Verification - The DecisionLogic Way

Why it’s important
Identity verification, or IDV as it’s commonly known, is extremely important for many reasons. First and foremost, it’s used for KYC (Know Your Customer), a compliance requirement many industries are required to follow. It breaks down exactly as it sounds. Do you know who your customer is, and do you have reasonable confidence that the person applying for your service is who they say they are?
 
This sounds easy, but over the years fraudsters have become very skilled at impersonation. They use social engineering techniques whereby they stalk your online and social media activity and even call or email you to try and get personal details for their scheme. Another tactic they use is impersonating someone with a single piece of personal data.  They also outright buy stolen personal data on the dark web.
 

This is where identity verification services save the day. IDV allows you to match up the details you are given with national databases to validate that “Chris P. Baykon” with social security number 123-45-6789 is indeed a living person. This service may also provide a phone number or address to take verification a step further, verifying you are talking to the correct Chris P. Baykon of Breakfastville, California.

How DecisionLogic handles IDV differently
We believe in low friction identity verification software. What we mean by that is ease of use for your customers and your team. Our industry leading DL Match product does exactly that.
 
For your customers, you can utilize our software to input the details from your application process and verify their identity in seconds against Experian’s unparalleled database. This requires no interaction with your customer, making it zero friction. Yes, you read that right, ZERO friction.
 

That’s hard to top, but for your team the benefits are off the charts.

Auditors will ask for DecisionLogic by name as a compliance tool. And not only for our IDV. When used in conjunction with IAV (Instant Account Verification), you get a very clear view of who your customer is and their current financial health status. (Auditors especially love that!) And you can get both the identity verification and the digital bank statement in seconds, no waiting on documents that may or may not be accurate. (You’re welcome, Underwriting Team).

Your billing department will also thank you because it is a single invoice for income and identity verification. And one less vendor to onboard and manage.
 
We think of your tech team too because there is no development work required. (Not kidding, read that again.) You can use our DL Match product via our lender portal today. That said, if you prefer to add this to your automated workflow, you absolutely can with our suite of APIs. Both IDV and IAV are also available as standalone products, so you can put them in your workflow where it makes sense for your business. And our dedicated Technical Support team will guide you every step of the way, as much or as little as you need.
 
For your front office agents, we have a world-class Client Success team to support them. They will happily glide you through onboarding, set up training, answer any day-to-day questions and offer custom recommendations for workflow or conversion rate optimizations. Did I mention all support services are provided at no additional charge? We believe every business who partners with us should get top-level customer service, regardless of their financial commitment. And we embody that belief every single day.
 
Finally, we partner with the top Loan Management Systems and Loan Originations Systems in the industry, to make your lending waterfall the complete package, all in one interface.
 
What’s new for DL Match?
Our IDV product debuted to rave reviews, however, we are always striving to meet the industry demands and, more importantly, our customers’ needs. With that in mind, we added a host of new features, all available at no additional fee.
 
DecisionLogic customers now have the ability to target a preferred DL Match version to ensure your team is using only the version of IDV you want. We now also offer a combined product view allowing you to easily view both bank and identity data together. We’ve also enhanced cross functional search allowing you to find the request codes you need with ease.
 
A suggestion from our customers inspired us to add a follow-up trigger for identify verification requests. Now, can initiate a DL Match manually even if the IAV request it’s connected to was not completed.
 
For our integrated clients, you get two new APIs and improved testing data! The first new API allows you to now upgrade a DL Match report to a DL Match Plus report for the best data output possible via API. No more signing into the portal for upgrades. The second new API is a results dictionary to get a comprehensive list of all possible DL Match results in XML.
 

We also took the extra step to upgrade the testing data, providing more robust testing returns for more comprehensive testing.

Friction free IDV is a must have for your business in 2023. Add account verification, analytics, and world class support? That’s the DecisionLogic difference.

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