Issue 625 (Week ending 28/02/2024)

Digital transformation has been a key focal point of top organisations for the past 5 years, as a means of not only staying competitive, but also to empower workers with time to focus on their value-adding tasks.

Open Banking is one such example that has taken the market by storm in recent months especially: what used to take days, is now completed in hours - if not minutes. So what is 'Open Banking' and how can you utilise it in your customer checks?

Open banking technology allows your customers to confirm their identity with affordability securely. With a click of a link, they can share their bank account data with you - and then the magic happens.

Tools like CRIFVision-net's Link2Bank can instantly analyse both account and transactional data, to verify the customer, assess affordability, and screen for fraud. Open banking offers you a more time-efficient, cost-effective, and risk-free approach to pre-approving all potential customers before they have time to shop around other services.

Put simply, open banking will help you deliver a faster service, and a quicker decision to land the customer.

Our Capabilities

- Affordability & Risk Check: Customer bank account data is analysed, interpreted, and a report returned, with a risk score, along with supporting evidence. Monthly income and spending is compared to highlight monthly shortfalls, and more.

- Anti-Fraud Checks to Ensure Application Legitimacy: All companies incur standard types of expenses: utility, rent, mortgage, payroll, etc. Link2Bank lets you view a new customer's bank account data to verify a history of trading by the applicant. This check strongly reduces the risk that the company has recently been set up for fraudulent purposes.

- Verify Customer Identity and Reduce Fraud: Link2Bank allows you to reduce fraud by easily verifying an applicant or their company. Capture account data, run checks to verify the IBAN and bank account name matches the applicant's name, etc.

- Better Assess Sole Traders & Start-Ups: Accurately assessing sole traders and new small businesses is an age-old issue. For years, this has resulted in start-ups and sole traders being refused credit, from there not being an easy way to assess and monitor their ability to repay. Link2Bank lets you request a report on any entity so you can make a real-time assessment and service more customers.

To find out more about Open Banking, and how Link2Bank can help you, call our team of Open Banking Experts on +353 (01) 903 2660, or you can send your requirements over to us via email at helpdesk@vision-net.ie.