The newly introduced solution can verify borrower identity to Know Your Customer (KYC) standards, reduce risk through anti-money laundering (AML) checks and provide certified digital bank statements for underwriting decisions.
Hosted lending platform LendFusion is the first to streamline its new customer verification and underwriting with IDaaS for Lenders.Certified digital bank statements are user-controlled components of a verified miiCard identity. Upon request, miiCard members can authorize financial institutions or professional service companies to access one of two different levels of information:• A Bank Statement that includes full transaction details delivered for the last 30, 60 or 90 days;• An Account Summary that includes account details such as number of transactions, total credits and debits and closing balance.
This financial information can be used as proof of income or credit history to help lenders and financial services companies make underwriting decisions, approve loan limits, or extend credit-based services, all entirely online and provided with explicit consumer consent.Currently, lenders must fight a USD 21 billion annual identity theft problem while relying on scanned and submitted bank statements to approve loan applications.
miiCard is an online identity service (IDaaS) platform that establishes true trust online by guaranteeing an individuals identity to the level of an offline photo ID check. A member-driven service, based on the principles of Bring Your Own Identity, miiCard allows consumers to manage their digital identity. miiCard is available in ten countries and can verify over 350 million people.
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