Bank Statements Collection and Verification Service
Streamline the financial verification process
Bank Statements Collection and Verification Service
Experian’s Bank Statements Collection and Verification Service (BSCVS) streamlines the financial verification process by allowing credit providers to securely and efficiently collect and verify bank statements.
This service helps businesses meet affordability assessment requirements and comply with the National Credit Act Regulation 23A(4), which mandates the validation of gross income via bank statements or payslips.
The BSCVS is ideal for credit providers, financial institutions, and businesses that need to validate consumers’ financial data as part of a credit application or affordability assessment.
It offers a seamless and secure income verification solution while minimising the fraud risk.
Improved Customer Experience
Simplifies the document submission process for consumers, allowing them to consent to statement retrieval directly from their bank or upload their documents.
Efficiency Gains
Reduces administrative burdens by linking required documents directly to cases and validating them automatically in the background.
Fraud Prevention
Early detection of fraudulent bank statements ensures businesses can mitigate risks quickly and effectively.
Secure and Accurate Verification
Verifies the authenticity of bank account details and statements, ensuring reliable financial data.
Find out more about Experian’s Bank Statements Collection and Verification Service
Key Features
- Automatic Bank Statement Retrieval: Consumers can consent to lenders retrieving their bank statements directly from their accounts, ensuring reliability.
- Document Upload and Validation: Consumers can upload bank statements saved on their devices, which are automatically validated and verified by Experian for any tampering on the statements
- Bank Account Verification: Verifies account details to confirm the authenticity of the bank account and statements.
- Early Fraud Detection: Detects fraudulent documents before they can affect the credit application process.
- Convenient and User-Friendly: Enhances customer experience by providing an easy and accessible way to submit required documents.
How It Works
As part of the credit application process, consumers consent to lenders retrieving their bank statements directly from their bank. Experian collects these statements and automatically verifies them to ensure their authenticity. Alternatively, consumers can upload saved statements, which are verified in real-time service and helps businesses link affordability documentation seamlessly to each credit application, ensuring compliance with regulatory requirements while improving efficiency and curbing fraud.