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Instantly verify customers’ income with Income Check

Most income verification methods used today really aren’t that great. They cause friction and delay in the application process, they require costly manual processing – and they’re not even giving you all the information you want. With new open banking capabilities, income verification can finally catch up with the digital age. That’s where our new Income Check product comes in.

TL;DR – Quick summary

  • Tink’s new product, Income Check, streamlines income verification using open banking capabilities.

  • Instead of relying on external credit bureaus, or manual verification processes, businesses can assess customers income level and creditworthiness using real-time data straight from their banks.

  • It helps consumers get instant results – while reducing risk and increasing approval rates for businesses.

Instantly verify customers’ income with Income Check

Simply put, businesses lack a quick and easy way to confidently verify the current and complete income of a customer (or applicant), leading to a situation where some, or all, of the following are inevitable - credit losses, excluded customers and high abandonment rate in the signup or application process.

Verifying a person’s income is a tedious and costly process that doesn’t meet the needs of a digital solution for simplicity, speed and convenience. Traditional verification methods like using external credit bureaus, or asking individuals to provide official statements of historical income require a lot of effort and lead to a number of problems.

The outdated financial data you get from credit bureaus doesn’t show the applicant’s true financial capacity, while manual checks create friction for customers – on top of being slow, costly and not 100% reliable. Lenders, for example, lack the combination of up to date information and instant access to data to optimise credit decisions.

So how can you minimise the friction for applicants while also capturing all the complete and up-to-date information you require? That’s what Tink’s new product, Income Check, is here to solve.

Seamlessly verify income – in real time

Banks have always had the data needed to verify income – it just hasn’t been easily accessible until now. But with new capabilities made possible by open banking, income verification can finally catch up with the digital age.

Tink’s Income Check allows businesses to instantly verify a person's income with secure, real-time data directly from their bank account. With the help of pattern recognition, incoming transactions can be grouped and filtered by recurrence and other criteria to extract only the ones that constitute income streams.

Each stream is classified and labelled with the type of either salary, pension, benefits, cash deposit or other. This allows for better assessments of creditworthiness and repayment ability.

No need to solely rely on outdated credit bureau data, nor suffer the continued headache of keeping up with endless paperwork, and applicant drop-off.

Income Check isn’t just simple and instant for your customers – it’s complete and compliant for your business. It takes as little as a finger tap on a phone screen and face recognition to provide you with granular, complete and up-to-date income information. It’s the fastest way to get accurate, real-time income data to digitalise onboarding and handling flows.

Also on this topic
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Tink’s income verification guide

Discover the pros and cons of current income verification methods – and how you can get faster, more accurate results using real-time data.

Shorter time to money using Income Check

Relying on credit bureaus for risk assessments or affordability checks takes time, comes at a cost, and provides a limited and sometimes out-of-date picture of credit worthiness.

Nordic consumer finance company GF Money was looking for a much smoother way to assess applicants’ income and creditworthiness. Their objective was to reduce the application processing time and abandonment rates, all while increasing approval rates and reducing risk of fraud.

To tackle all of that, they turned to Tink. Through open banking, loan applicants can easily connect their bank account to provide an instant, complete and verified assessment of their current income level – in just a few taps of a screen.

GF Money can now make underwriting decisions in less than 10 minutes – when it used to take them 2 hours.

Instantly verify customers’ income with Income Check

Check it out for yourself

Income Check is Tink's seamless, secure and real-time income verification solution, and has just joined our product catalogue. To find out more about it, check our Income Check page.

For a deeper dive into the technicalities, you can read the docs. If you already like what you’ve read and want to get right down to business – contact our sales team.

TL;DR – Quick summary

  • Tink’s new product, Income Check, streamlines income verification using open banking capabilities.

  • Instead of relying on external credit bureaus, or manual verification processes, businesses can assess customers income level and creditworthiness using real-time data straight from their banks.

  • It helps consumers get instant results – while reducing risk and increasing approval rates for businesses.

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