This capability will combine Finicity’s Verification of Assets (VoA) solution– part of the Utah-based company’s set of asset and income verification tools launched earlier this year– with DataVerify’s DRIVE platform that automates underwriting for lenders. DataVerify works by comparing borrower data across multiple databases to assess risk and fraud levels, identifying the legitimacy of borrowers to help lenders avoid loan quality issues.
“With real-time asset verification from Finicity, lenders that use our DRIVE platform will be able to get quick insight into a borrower’s financial information and thus make more efficient and smarter lending decisions” said Brad Bogel, senior vice president at DataVerify. He continued, “The data can be accessed and verified in a matter of clicks, shortening the loan approval process for a greater overall consumer experience.”
Finicity was founded in 1999 and has since developed more than 16,000 bank integrations. The company most recently demoed its credit decisioning solution at FinovateFall 2017. Earlier this summer, Finicity signed a data exchange deal with JP Morgan Chase to allow bank partners to leverage third party financial apps without disclosing their login credentials.