Aphility has introduced a secure, real time, certified digital bank verification capability by integrating DirectID from the online trust company. The IDCo to enable the verification of business and consumer income and expenditure data from UK Banks.
This enhancement will enable customers and partners to undertake faster and more accurate affordability assessments and credit decisions delivering better business, market and economic outcomes whilst capturing customer knowledge through an improved service experience.
Mark Firth, Aphility’s Client Services Director said: “DirectID provides our partners with bank verified data they can really trust, saving them considerable time and cost in assessing income and expenditure, and allowing them to make more accurate decisions based on the real-time financial health of their customers. Our system saves up to 80% of the time taken to complete an in house income and expenditure assessment.
The Aphility tool enables businesses to capture this improved and rounded customer view significantly faster than current models, thereby delivering real and significant bottom line value for organisations.
At a consumer level it also provides a safe and secure planning tool for individuals who can now plan and manage their personal circumstances with greater confidence and surety. Aphilty’s continued development in this space confirms its commitment to helping businesses and customers deliver improved transparency and better affordability standards in line with the FCA guidelines and “treating customers fairly” principles.
James Varga, CEO and founder of the The ID Co. said: “Trust and transparency in financial services is vital in today’s digital world. We’re delighted to provide Aphility with trusted bank data and insights that help their partners provide the best lending and credit decisions for customers.”