Open banking has another broader goal.
“The second part of open APIs is the broader global concept of consumers being able to take control of their destiny,” Strickland said.
With this in mind, the company’s platform provides customers a single-source configurable API that lets them seamlessly integrate biometric identify verification, banking data, payroll insights and tax transcript data to their existing process flows.
Specifically, that API helps the platform analyze consumer financial health via their digital banking data, using advanced artificial intelligence, to verify their identity, income, assets, employment, past rent and mortgage payments, bill payments, and the ability to pay, among other data points. The process goes well beyond traditional credit checks, the company said.
In total, VeriFast’s platform automates the end-to-end verification process in minutes, versus the hours older systems have taken, according to the company.
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