Financial technology (fintech) has seen a lot of interest over the past several years. The legacy systems of banks have made it difficult to keep up with the changing demands in the economy, especially as more and more consumers clamor for faster solutions that can accommodate countless digital transactions.
Instant Bank Verification (IBV) is a service offered through Microbilt that gives lenders real-time data from thousands of banks worldwide. This powerful service can open the doors to countless opportunities for lenders to grow their volume and expand their business. We'll look at how it works and why it's so important.
What Is IBV?
IBV is a way to determine the credit history of nearly anyone. From customers to borrowers to partners, you get compiled information from over 20,000 financial institutions all over the world. For larger projects, we also offer a compatible API that can integrate with nearly any modern programming language. This powerful tool is one that can be used over and over, eliminating much of the risk that lenders face on a daily basis.
Finding Financial API Products
If you're searching for bank account verification APIs, you're liable to see results from any number of companies. But consider the sources of the other APIs before you make your decision. Microbilt has a reputation for collecting information from a variety of institutions and vetting that information before it's delivered to our customers. Plus, it's so versatile that it can be implemented with your systems without hassle or frustration.
A Simplified Lending Process
Most lending mistakes can be traced back to the original application period. Customers and borrowers may be experts at leaving out certain information on their forms, but the right financial data API can spot the discrepancies before they turn into default or a scam. Lenders don't have to spend as much time going over countless numbers when they have the data aggregation that can help them skip a few steps ahead.
The Future of Banking
Companies that don't grow with the times are liable to get left behind, and there's no better time to think ahead. Financial data management is the answer to avoiding costly mistakes. The more verified information you have, the faster you can see the big picture of the person in question. Whereas lenders may have once seen fintech companies as meant for only the most advanced transactions, this technology is being scaled to meet the needs of nearly any sized organization. There are simply too many variables to rely on the tactics of the past.
Microbilt is here to help our clients figure out how to make technology work for them. That's why our tools are built with you in mind, so you don't have to disrupt your business for a program that you'll never use. Lenders who have access to more information are simply better equipped to make smarter decisions. If you're interested in what IBV can do for you, we'll be happy to tell you everything you need to know.