What is it:

Instant Bank Verification facilitates real time access to consumer and business bank account data at the financial institution via their online banking platform to deliver account transaction details, account owner information and other bank account insights in support of bank verification and decisioning.

What it does:

Upon receiving a request to verify the consumer/business banking information, IBV delivers a web link to the account owner to start the process.

After selecting the link, the account owner will be prompted to select their financial institutuin and login to their online account.

Multfactor authentication questions and/or secure code verifications may be presented to the account owner as part of the financial institutions standard security protocols before access to the banking information is available. However, IBV facilitates this process seemlessly to support these security requirements for each financial institution selected.

Upon authentication of the account owner, IBV will retrieve and format information into a user frienfly report format containing important information including account balances, transaction history, account owner information, ID verification attributes, and more.

What it is used for:

Credit decisioning and bank account verification.