Introduction to Income Verification

Overview

Income Verification is a tool that facilitates the verification of an end user's salary by obtaining real-time data from their bank account. Leveraging Tarabut's capabilities, businesses can acquire standardized and reliable income data quickly and securely.

Background

A majority of businesses, especially lenders, mandate a comprehensive representation of an individual’s income to evaluate their eligibility for specific financial products and services. Traditionally, companies utilize a combination of two methods to validate an individual’s income:

1. Recent Salary Payslip: Typically, the latest payslip within a 3-month period.
2. Credit Agencies Reports: Data acquired from governmental or private credit agencies.

However, both methods come with inherent challenges:

• Credit Agencies' Data Limitations: The income data from credit agencies is often contingent on the efficiency of HR departments in updating accurate salary information. This system is particularly problematic for recent hires or employees who've experienced recent salary adjustments.
• Manual Payslip Submission Issues: Manual submission not only results in a prolonged verification process, but also offers a less than ideal user experience. Moreover, this method is susceptible to fraudulent activities.

Income Verification Solution

Income Verification addresses the aforementioned challenges by either supporting or completely substituting the traditional methods. It achieves this by:

• Extracting definitive transactional data via open banking.
• Implementing an evolving AI model to further enhance the verification process.

This solution is made available to developers through an easy-to-use API. This ensures a streamlined integration into existing systems, while drastically improving the user experience and data reliability.