Banking verification process accelerated through integration of Plaid by Bectran
In a move to revolutionise the credit application process, US-based credit, collections, and accounts receivable platform Bectran has integrated with financial technology company Plaid. This partnership aims to increase efficiency and enhance security in credit applications.
The integration eliminates manual bank references, prone to input errors, and lengthy reference wait times. It introduces a secure, real-time bank connection for credit applications. Credit applicants will sign into their bank accounts via Plaid's secure APIs to authorise the creation of a bank verification report.
The bank verification reports provided by Bectran include account ownership information and transaction history. These reports are automatically compared to applicant information, allowing credit managers to instantly evaluate the applicant's identity, financial health, and risk profile.
Credit managers will also receive fraud alerts when suspicious or abnormal account activity is detected. This measure is designed to help prevent ACH fraud, as Bectran analyses data points such as account balances, non-sufficient funds, notices, returns, and unusual activity to generate a comprehensive risk score.
Louis Ifeguni, chief executive officer of Bectran, expressed his excitement about the partnership. He stated, "By partnering with Plaid, we are able to provide a faster, more secure process for bank verifications, ultimately benefiting our clients by improving the efficiency of credit applications and reducing the risk of fraud."
The integration with Plaid is the latest addition to Bectran's comprehensive suite of risk scoring and analytics. For more information on Bectran's approach to ACH fraud prevention, further reading is available in the partnership with GIACT.
The new integration eliminates the need to monitor for potential errors, providing a smoother and more efficient credit application process for all involved.
