Tink launches open-banking powered income verification tool
Open banking platform Tink has launched an income verification tool in the UK.
Tink said that the new solution, which has already been rolled out across Europe, speeds up the time it takes banks and lenders to verify a borrower’s income using secure and real-time data from their account.
Customers can give their consent to lenders connecting to their bank account via a single click or face recognition.
Tink said this cuts the costs and times it takes to apply that would be involved in long manual verification processes and also improves assessments of creditworthiness and repayment ability by allowing lenders to see a long-term view of a borrower’s income.
Tink’s UK launch of income check follows the rollout of the product in Sweden, Finland, Spain, France, Belgium, Germany and the Netherlands.
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“While income verification has always been a crucial part of the lending industry, the process itself has been far from simple – until now,” said Tasha Chouhan, UK & IE banking lead at Tink.
“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.”
Earlier this month, Daniel Kjellén, chief executive and co-founder of Tink, said open banking payments will “boom” in 2022.