Digital Income and Identity Verification for COVID-19

AccountScore’s Open Banking platform supports consumers, both PAYE and self-employed, in demonstrating their income and identity to companies ranging from financial services providers to official authorities.

In the current times, consumers are under significant financial strain and it is important that product providers are armed with stable information in order to best assist providing services to consumers.

With the gradual closing of restaurants, stores and the current policy of “stay at home”, the high street is no longer open for business. Further, the populous does not wish to expose themselves to the virus in locations that remain open such as Post Offices, Banks, etc.

This prevents individuals being able to complete face to face transactions, where organisations offer these to perform Identity proofing and validation of income in support of an application for a financial service.

This can mean consumers are unable to secure the funds and services they need and could lead to them facing immediate financial and personal issues.

As such businesses will have an immediate need to stand up on-line methods to validate identities and evidence income to a high level of assurance, based upon regulation (FS) and risk (high value items) appetites, to enable consumers to complete their application through the digital channel.

AccountScore, in partnership with Equifax, has developed market leading automated income and identity verification products that allows consumers to demonstrate their employment, income and job security.

Income Verification

Through a single API call, lenders can instantly verify the stated income of a prospective customer. By taking the stated yearly or monthly income, either in a gross or net format, AccountScore can instantly match its validity from their bank account in seconds. This feature allows lenders to be truly confident of an applicant’s stated income.

Furthermore, if a firm is not asking for stated income, AccountScore can still extract the net monthly amount of earned income from a consumer’s bank account, even if the income is sporadic across the month.

Digital Identity

In a similar fashion to verifying income, AccountScore is also able to verify personal information on a consumer so lenders can be sure who they are dealing with.

By taking the name, address and date of birth inputted by a consumer, AccountScore can then pull the consumer’s account number and sort code from Open Banking and through its partnership with Equifax check that the bank account being pulled matches the name, address and date of birth held at the credit reference agency. This ensures lenders can be certain who they are dealing with in 100% digital journeys.

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