has released its new Verification of Income and Employment (VOIE) solution, using patent-pending TXVerify technology that will speed up borrower verifications and further advance the industry shift toward a fully digital experience.
The Finicity VOIE solution digitally extracts a borrower’s pay statement data from the paystub and then cross-verifies that key data with their income transactions from their financial institutions. Enabled by its TXVerify technology, this detailed vetting process creates a real-time picture of an applicant’s income and employment for fast, accurate reports. The solution does this by leveraging the highest value data—direct from banks—along with a scan, photo or PDF of a borrower’s paystubs.
“Our VOIE is expected to become the new gold standard of income and employment verification,” said Steve Smith, Finicity CEO. “We know it will be met with fast adoption by key industry players who aim to be on the cutting edge of lending technology. With VOIE building upon our current Verification of Assets solution, lenders will now be able to use Finicity as a one-stop-shop for digital verification.”
Finicity’s VOIE technology accesses real-time data gathered directly from an employee’s bank accounts. Finicity uses direct deposit payroll data to improve the success rate of an automated income and employment verification.
"Digital lending solutions are increasingly important for lenders who seek faster, more convenient application processes," said Matt Hansen, CEO of Simple Nexus. "In the future, this process can help borrowers through a verification experience that is 100 percent digital without any of the tedious manual labor required today. Fincity's Verification of Income and Employment solution helps lead the industry much closer to that goal."