Instantly verify income with Income Check – now with new features

4 min read|Published October 13, 2022
Instantly verify income with Income Check – now with new features

To help businesses make informed and accurate decisions when assessing applications, we’ve made it even easier for them to instantly verify an applicant’s income with the use of granular, up-to-date data. All with just a few simple clicks.

TL;DR – Quick summary
  • Tink’s Income Check helps businesses verify an applicant’s income in minutes instead of days.

  • The results are delivered as either JSON or PDF to fit your existing income verification process.

  • With Income Check’s new features, it’s even easier to get an overview of the generated income data using Tink Console.

TL;DR – Quick summary
  • Tink’s Income Check helps businesses verify an applicant’s income in minutes instead of days.

  • The results are delivered as either JSON or PDF to fit your existing income verification process.

  • With Income Check’s new features, it’s even easier to get an overview of the generated income data using Tink Console.

In many use cases, verifying an applicant’s income is one of the first steps in validating the application itself – loan applications, credit card applications, car leasing, prop-tech, and more. Apart from traditional methods (asking the applicant to provide payslips, credit bureau reports), banks have always had the data needed to verify income – it just hasn’t been easily accessible until open banking came into the picture. But with new capabilities, income verification can finally enter 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 as either salary, pension, benefits, cash deposit or other. This allows for better assessments of creditworthiness and ability to repay.

Income Check isn’t just simple and instant to use for your customers – it's a complete and compliant solution for your business. With as little as a tap on a phone screen and face- or fingerprint ID you’re provided 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.

How to get there?

There are two options for using Income Check. The first option is embedding our front-end Tink Link SDK into your application flow and fetch Income Check as a JSON report via our API endpoint. This is done automatically right after the applicant completes the authentication. The second option is setting up a landing page for the Tink Link that can be branded to fit your style (company logo, font, copy). You can send the landing page as a link directly to applicants (via text or email) upon which the applicant selects and consents with their main bank. In the end, you get access to all Income Check reports that are generated through the Tink Console.

Tink Console: your open banking control panel

Since its launch in 2019, Tink Console has become the hub for over 10,000 developers to build real-life use cases powered by open banking, whether they’re at a multinational organisation or a small startup. 

Customers using Income Check can get deeper insights into their open banking flows inside the Console, including step-by-step conversion rates and bank performance comparisons.

What’s new

After observing how our customers used Income Check reports generated at the Console, we realised that we could make some improvements. From now on, you will find a centralised view for all the income data related to an individual in the Tink Console. That way, your customer service team can identify a specific request and investigate the issue behind the scenes.

You can see the associated accounts, the income data, and the raw transactions that our models categorised as income.

Here is an overview of the income data of someone.

Having access to this type of granular data makes it much easier for you to work through edge cases and make more accurate and informed decisions.

What’s next

We have some very exciting improvements planned for our Income Check product but as always, we would love to hear your feedback on how we can improve the product experience even further.

So, try out those updates at Tink Console and get in touch with your feedback.

More in Product

How Money Manager helps you boost customer loyalty
2022-11-28 · 6 min read
How Money Manager helps you boost customer loyalty

Personalisation is essential to engaging customers and building loyalty for banking apps. Tink’s Money Manager has the features to help.

Product
Enabling smoother direct debits with balance check
2022-11-24 · 5 min read
Enabling smoother direct debits with balance check

Reducing fraud and failed payments just got easier. Learn how balance check is increasing operational efficiency and reducing chargebacks.

Product
Instant refunds and withdrawals have arrived
2022-11-23 · 5 min read
Instant refunds and withdrawals are here

Tink’s payments upgrade adds instant refunds and withdrawals, letting businesses across Europe issue payouts that settle in less than one second.

Product

Get started with Tink

Contact our team to learn more about what we can help you build – or create an account to get started right away.

Contact our team to learn more about our premium solutions or create a free account to get started right away.