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.