Bank accounts represent the direct connection to business or consumers' daily financial lives.
We provide the information necessary to improve the decision to the lender and the payment service provider, maintain all kinds of data points necessary to drive out scammers and notify the creditworthiness.
Please call it “bank account information”. As ValidiFi CEO John Gordon Interview with Karen Webster and give insights on account behavior and payment performance. Details of granularity are better known about attractive customer behavior that speeds up approval It is important for doing. process.
Certainly, the amount of Ach is increasing. Nasha Estimated, there were over 31 billion Ach transaction In 2023, it represented $ 80.1 trillion.
“Ach is here,” Gordon told Webster and added, “The service providers they want to realize have the advantage.”
The important thing in these benefits is the bank payment. This can reduce transaction costs and cause new use cases as faster payments become standard.
“But the key to the agreement is that when I get your salary instruction (your bank account and routing number), I need to check my account. in fact He belongs to consumers who have created and paid an application. “
Some blind spots
NACHA has the rules for debit transactions that need to verify your account number. But Gordon said that the rules were not progressing sufficiently. He added that he was mature to hide behind a legitimate account number using synthetic identity and other loose.
“We found that fraudulent people have a high frequency of scenarios that use the same bank account or their indicators,” he said.
In addition to fraud, the risk related to Ach payment may be in the form of Gordon's “return with no no no war”. means,Or “fatal return”. This means that the tissue must be paid because the transaction cannot be reversed, in some cases, the consumer has introduced an instruction to “stop paying”.
Gordon said these are blind spots that need to be dealt with by a powerful verification process.
There is another blind spot for expanding the credit. The lender depends on the FICO score, but in many cases it is an excellent tool, but it may be short on the ability to repay the applicant's loan.
Gordon said the average FICO score in the United States was 715 and has risen in the past decade.
“But it would be difficult to believe that consumers are in a better form based on the consumer price index,” he said. “… I need a Fico score, but I believe I know more.”
Fico May It's best to see As an index with delayed credit and repayment abilityHe said。
“But bank data and consumer banks, all information It is presentedYou can fill the gap, “Gordon said. “We found that if you are looking at your account and routing number and are not looking at marriage between accounts, there are routing numbers and consumers applying for them. At many different levels. We quantify consumers better.
The platform moves the numbers beyond routing towards the predicted intelligence
VALIFIFI's OMNI platform, 1.1 billion Inquiries from consumersMutual reference identity information and bank account details can help provide more overall views. The platform decides whether the phone number and email address are still valid. email address You may have it I'm tied up To individuals.
Gordon said that if there were four addresses that were held for 90 days, consumer risk profiles would rise by 70 %. A series of inadequate funding will increase the possibility of fund transactions that have not increased the same 70 % of the following payments. For access to 90 days transaction data strong value It will come We predict the ultimate action of consumers.
“What we are doing is to identify the location based on the speed of the bank account. Potentially Gordon said fraud or “the account is invalid.” “We are helping [lenders] In order to ultimately make more detailed decisions about individuals, they flag things that they may want to inject friction into the process.
“Not only tells you that this is a potentially fraud, but you can also gain insights of account stability, payment performance, and how consumers live in their own financial means. But he said.
By expansion, the intelligence of the account level of the prediction bank can open the door to the new financial ecosystem. Be shapedIncludes paybank use case. Gordon provided an example of the ValidiFi client. PDI technology'' Gasbuddy -Serving services to convenience stores and marrying the wage bank function and the store's royalty card, which Valifi quantitizes the relationship between consumer banks and allows more consumers to approve the appropriate risk level. I was able to do it.
“Jesus can reach the end game, which is a connection between brands and consumers,” he said.
Gordon said Gordon, not only as a fraudulent solution provider, but “in fact, is in the facts and information business.” “We want to be able to access the client more information It will go Give more “Yesses”, the basis for making these decisions, and a better credit experience through data. “
