Tandem Bank deploys Sikoia solution to automate income verification

UK-based digital bank Tandem Bank has partnered with London fintech Sikoia to automate income verification for the mortgage industry.

Income verification is typically performed manually and can take lenders an average of 30 minutes per application to review payslips, for example.

By deploying Sikoia’s AI-driven ‘Income and Employer Verification’ solution, the bank reduces the process to “mere seconds”, according to a press statement.

Sikoia’s solution, which is integrated via an API, can handle more complex cases, such as applicants with multiple income streams, by processing all payslips and bank statements submitted by brokers and customers.

Sikoia automates key verification checks, including income, employer, affordability assessments and application “completeness” using a combination of AI, and other “data extraction” methods, such as Open Banking and credit bureau data.

Alexis Rog, founder and chief executive officer of Sikoia, said: “Our partnership with Tandem Bank marks a key milestone in transforming income verification and document processing for the mortgage industry.

“This collaboration aims at eliminating administrative burdens, ensuring consistent and auditable decision-making, and ultimately enhancing the customer experience.”

Nigel Brookes, director of second charge sales and distribution, mortgage division at Tandem Bank, added: “By harnessing their AI-driven technology, we’re transforming a traditionally time-consuming process into a streamlined, efficient workflow — enabling faster and more accurate service for our customers.

“This partnership reflects our dedication to driving innovation and setting new benchmarks for efficiency and customer satisfaction for second charges.”