Verify income and spendings

How do you verify a person's
financial behavior now?

There are many ways of asking your clients about their income or how they spend their money. They could bring you a confirmation from their employer about their salary or they could print out and scan a statement from their bank with a list of transactions.

Well, in our opinion these methods are ineffective and prone to fraud. Why?

Salary confirmation can tell you about the gross income but you have no knowledge about how much of that is being deducted due to taxes or seizure of assets.Nor do you know what the salary is actually spent on.
‍
Statement from the bank? Those can be tampered with or easily created from scratch in a text editor, printed, scanned and sent - and there would be no actual way of verifying their authenticity.

How can we help you verify a person’s finances?

To help you assess your client’s income we use several tools. The first one is our Open Banking solution that can connect to your client’s bank account and download information about transactions that the client has made.

The gathered data is then analyzed by our Machine Learning solution, which goes through each transaction’s details, tries to match them to our labeling models and assigns them a set of proper labels. Additionally, a salary coming from a permanent contract has some restrictive algorithmic requirements that would potentially rule out any transaction that is infrequent or in any other way connected to an unstable source of income.

On top of that we provide you with powerful aggregates that remove the need to calculate different characteristics on your side - such as total or average amount values, number of certain types of transactions and more.

What information will you get?

Though “income” doesn’t necessarily mean a permanent contract salary – and in many cases our partners don’t require it from their clients – it’s still important to confirm whether they have any sources of revenue and what those sources are.Our solution identifies the distinction between many types of income, including:

salary - based on an employment contract

regular wage - for other regular earnings

welfare - coming from social benefits as well as “pension”

compensation - as a result of irregular remuneration or not fitting to other categories

When it comes to spending, we can assess even more in areas like state-related expenses, lifestyle, living and debts.

Once we’ve made those distinctions, we can go into further analysis to extract certain characteristics (so-called 'aggregates') for a given period of time, e.g.:

total number of withdrawals from the account,
sum value of all loan repayments,
total number of deposits in an account,
account balance at the end of month,
average monthly account balance,
minimum daily closing balance in a given month.

What if the client doesn’t want to give access to their bank account information?

We have another service that can help bypass this issue. It requires your client to generate their banking statement online and send you the original PDF. Then, using our many heuristics we can find any potential indicators of tampering attempts. If it all checks out, we will parse the document and return the data with transactions indicating the income.

Additionally, you can use other analytics related to transactional data that can help you make your decisions even faster:

PDF documents analysis

Turn long hours of manual verification into a few seconds of automatic analysis.

Find out more

Transaction labeling

Know the financial behavioral patterns of customers and identify those valuable to your company.

Find out more

Risk analysis (scoring)

Reduce the risk of customer insolvency thanks to multi-factor risk analysis.

Find out more

Income and spending check

How do you verify a person's
financial behavior now?

How can we help you verify a person’s finances?

What information will you get?

Do you want to implement this service?

Fill in the form

...or reach out to our team directly

What if the client doesn’t want to give access to their bank account information?

PDF documents analysis

Transaction labeling

Risk analysis (scoring)

Frequently asked questions

Income and spending check

How do you verify a person'sfinancial behavior now?

How can we help you verify a person’s finances?

What information will you get?

Do you want to implement this service?

Fill in the form

...or reach out to our team directly

What if the client doesn’t want to give access to their bank account information?

PDF documents analysis

Transaction labeling

Risk analysis (scoring)

Frequently asked questions

How do you verify a person's
financial behavior now?