US-based credit, collections and accounts receivable platform Bectran has integrated with data network Plaid to provide a faster and more secure way to expedite bank verifications by removing “idle time” from credit application reviews.
According to Bectran, manual bank references are prone to input errors, including inaccurate or dated information that, if gone unnoticed, can cause operational issues, while the time-consuming manual process can take days or weeks, with no guarantee of obtaining accurate information.
The new integration aims to eliminate lengthy reference wait times and the need to monitor for potential errors.
Through a customer sign-in, Plaid delivers verified financial data which is analysed and scored by Bectran.
Credit applicants sign into their bank accounts via Plaid’s secure APIs, authorising the creation of a bank verification report, which includes account ownership information and transaction history, enabling credit managers to instantly evaluate the applicant’s identity, financial health and risk profile.
Bectran then analyses data points, such as account balances, non-sufficient funds, notices, returns, and unusual activity to generate a comprehensive risk score.
Account creation date and ownership information is among the bank data provided in verification reports, which Bectran automatically compares to applicant information.
“We are excited to be working with Plaid in this capacity,” said Louis Ifeguni, chief executive officer of Bectran.
“This integration opens up a whole new avenue of efficiency in our credit applications, providing tangible value to our customers by easing a time-consuming process, and increasing confidence with a secure, real-time bank connection.”
As a result of the partnership, credit managers will receive fraud alerts when suspicious or abnormal account activity is detected, introducing further security to the bank verification process.
“Our integration with Plaid is the latest addition to our comprehensive suite of risk scoring and analytics,” added Ali Kidwai, director of product and implementation at Bectran.
Further reading: Bectran tackles ACH fraud prevention in partnership with GIACT
