Income Verification

Product Sheet - Technical & Commercial Details Page - 2 DirectID Income Verification Product Sheet - Technical & Commercial Details

Introduction

DirectID Income Verification is a digital solution Some key features and benefits of our Income or forgetting supplementary pay such as regular for applicant assessment across a range of Verification solution are: overtime) and avoid incorrectly failed assessments. sectors. The next generation model goes 1. 5. beyond models of the past, using real-time Real-time Data Drive Down Operational Costs bank data and six unique algorithms to truly Our next generation income verification model goes Connect to customer bank data and analyse their beyond the models of the past, using real-time bank transactions in seconds; allowing your operational understand an individual’s income. data and six unique algorithms to truly understand an teams to spend less time on the phone to customers, individual’s income. your assessors to spend less time analysing documents, and your credit risk officers or financial 2. crime teams to spend less time investigating potential True Customer Insights fraud. Past models produce inferred income from bureau credit data, or Current Account Turn Over profiling. 6. Our model provides true insight and income figures Make Responsible Lending Decisions from real-time bank data. Let us help you truly understand your applicants and remove your reliance on vague income verification 3. results like “looks correct” or “looks close”. DirectID Data Direct From the Bank provides a detailed estimated income figure AND We access raw bank data directly from the source, a confidence score for every applicant by using real providing a seamless onboarding experience and more transaction data. accurate income figures calculated specifically for each applicant. 7. Verify Any Customer 4. Our income verification solution can verify anyone Deliver Seamless Customer Onboarding with an online bank account irrespective of credit Deliver improved onboarding experiences without history, thin files, new-to-country status, or simply increasing risk by using our calculated income those who fall into Bureau blind spots. We don’t figures. Compare this with customer asserted data compare against limited data sets, or prime applicant to understand if a mistake has been made during profiles, we remain financially inclusive by analysing their onboarding (like inputting net vs. gross income, and verifying each individual’s raw bank data. Page - 3 DirectID Income Verification Product Sheet - Technical & Commercial Details

How it works

An example of the DirectID Income Verification being used applicant 1. Applicant 4. Income assessments. uses widget data viewed

The applicant gives consent by accepting The business can then utilise the Income the terms through the consent stage of Verification via a visual report or API the DirectID Connect bank widget. This and, using the Calculated Income and is then stored for the business through Confidence Score, can assess applicants DirectID’s consent service. alongside their current AML/KYC checks.

2. Bank data 5. Decision shared made

The applicant shares their bank data Based on the assessment, the business through the DirectID Connect bank can then accept or reject the applicant. widget by: selecting their bank provider; The business can then notify the logging into their bank; and then applicant on the outcome. authorising their bank to share their data.

3. Bank data processed

The bank data is passed through our categorisation and classification service into a database. Our Income Verification pulls from this database and processes the consumers data producing a calculated income and confidence score. Page - 4 DirectID Income Verification Product Sheet - Technical & Commercial Details

Key data provided for every verification

1. Calculated Income

We provide a specific income figure for each customer, derived from raw bank data and validated by our six algorithms.

2. Confidence Score

We deliver a confidence score between 1-10 to support our calculated income figure, going beyond vague income match flags. Page - 5 DirectID Income Verification Product Sheet - Technical & Commercial Details

Verification model & features

We access raw bank data directly from the 1. 6. source, providing a seamless onboarding Six Unique Algorithms Income Filtering Our six unique income modelling algorithms are Our inbuilt filtering tools allow your business to easily experience and more accurate income applied against raw bank data to make up our next view scores for each income source and determine figures calculated specifically for each generation model. which are used for assessments. applicant. 2. 7. Income Stability Indicator Support With 12 Months Data Ensure the stability of a customers income with our View income assessments on 365 days of bank data to indicators, assessing up to 365 days of income. reduce successful fraud through income tampering.

3. 8. Income Variance Indicators Non-Income Deposits Excluded Easily view variance in salary with multiple indicators Make assessments based on real income, not all allowing you to make quick and confident decisions. deposits, with our automated income categorisation.

4. 9. Multiple Income Support Monthly Totals Of All Incomes Visibility of incomes from multiple sources, going Quickly understand the impact of income from different beyond the ever increasing minority of applicants sources with monthly summarised totals. receiving basic salaries.

5. Benefits Income Support View an applicants income from benefits alongside other income sources, and determine if you wish to consider this in your decisions. Page - 6 DirectID Income Verification Product Sheet - Technical & Commercial Details

Technical product details

BANK DATA COVERAGE PRODUCT INFORMATION

UK Banks Connected Bank Widget Detail (DirectID Connect) Customer Reporting Provided • CMA9 - Allied Irish Bank, Bank of Scotland, • Applicants can share bank data in minutes • Conversion tracking and reporting Barclays, Bank of Ireland, Danske Bank, • Fully customisable hosted solutions can be • Data quality First Direct, First Trust Bank, Halifax, HSBC, branded to match any business • Error reporting Lloyds, Marks & Spencer, Nationwide, • Fully responsive for desktop and mobile NatWest, RBS, Santander and Ulster Bank applications Performance Times • Challenger Banks - Monzo Bank and Starling • Customisable consent stage displaying terms • Integration - 1 to 3 days on average to get up Bank and conditions for using the DirectID service and running with DirectID • Connection (Widget) - Fast connection time Usa Banks Connected Categories & Classification Engine averaging 25 seconds • Direct connections to core US banks • Automated categorisation and classification • Data retrieval - Transactions returned in ~1 sec • Thousands of aggregated connections for - Engine automatically processes applicant impressive US coverage transaction details Configurable Options • Accuracy and coverage of transactions - up • Consent window - Duration for which consent Global Banks Connected to 90% is live (Max of 90 days ongoing consent • Over 13,000 bank connections - We offer access) extensive global coverage through Europe, Open Banking Data API • Data clusters - The data that the business Asia, Pacific and more. • Open Banking support - Open Banking V1, V2 would like the user to share. This matches & V3 specifi cations what is asked for in the consent terms on the bank widget Customer Data Clusters Available • Transaction range - The number of days of • Account Information transactions the business needs to retrieve • Balances for a user (Up to last 12 months) • Transactions - Details, credits, debits and classification API Documentation • Insights - Consumer transaction category, • Visit docs.directid.co business transaction category and confidence values Page - 7 DirectID Income Verification Product Sheet - Technical & Commercial Details

Email Website

Sales DirectID [email protected] direct.id Support [email protected] Developer Docs docs.directid.co

Phone Blog United Kingdom direct.id/blog 0845 119 3333 News North America direct.id/news 1 855 343 5670

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