Use Cases

Account Verification

Instant Account Verification allows connecting to an end user’s financial institution to retrieve account and routing numbers for. This data can be used for various purposes, including money movement and account opening.

Account Verification is commonly used for money transfers by retrieving account, transit and routing numbers to initiate transfers or direct deposits. It simplifies the digital banking onboarding process by verifying account details automatically, enhancing compliance through KYC processes, and confirming account information to reduce the risk of fraudulent transactions.

Owner Identification

Owner Identification retrieves information about the owner of an account, such as their name, address, and contact information. This information is crucial for verifying the identity of an end user.

Owner Identification supports various use cases including account opening by validating personal details during the onboarding process. It aids in fraud detection by comparing provided information against retrieved data to detect inconsistencies. Additionally, it enables digital identity verification for remote onboarding and contributes to customer data enrichment by appending accurate information to user profiles.

Balance Checks

Balance Checks allow retrieving the available balance for an end user’s financial accounts. This service provides balance details without retrieving transaction data.

Balance Checks are used for payment authorization to check available balance before processing transactions and to avoid failed payments. They also help with account funding verification by ensuring sufficient funds are available before initiating transfers or withdrawals. Furthermore, they provide real-time balance information for digital wallet management and can be used to verify account balance as part of KYC or eligibility checks during account opening.

Transaction Data

Retrieve account and transaction data from an end user's financial institution. Account Aggregation provides up to 360 days of data.

Transaction Data retrieval supports the enhanced data by providing customers with insights into their end users spending and savings habits. It is essential for creditworthiness assessment by analyzing transaction history to determine a user’s financial health for lending purposes. It also supports subscription detection, fraud analysis by identifying unusual spending patterns, and financial reporting by compiling comprehensive reports for users or businesses.

Insights

Financial Insights provide a deep analysis of a user’s financial habits, organized into categories such as Income, Expenses, and other derived insights.

Financial Insights are used to categorize income into various types, such as salary and government payments, while also tracking expenses to highlight potential savings opportunities. They assist in providing an overview of the end users financial wellness through financial health assessment and suggest actions based on predictive analysis, such as reducing NSF incidents by recommending better days to pull funds. Additionally, Financial Insights enhance credit scoring by combining income and expense analysis for improved risk assessment.