Real-time balance verification
Real-time balance available in financial accounts is leveraged across the fintech landscape, from fraud detection to loan underwriting and everything in between.
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When writing checks or making payments from financial accounts, real-time balance information helps to guard against overdraft fees and assess transactional risk. According to a recent study, 27% of payment declines were due to insufficient funds. Verkend's realtime balance data allows companies to check the available funds before a transaction is initiated to prevent these declines from happening, avoiding NSF fees and enhancing the consumer experience.
Many of our customers also use the real-time balance API as part of their risk assessments for transaction limits and loan underwriting. Traditionally, this involved a manual process of submitting financial documents with a turnaround time measured in days and weeks. With this information now available in realtime, risk officers and underwriters can approve transactions in seconds.
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Reach out to our sales team to get your questions answered and learn more about how we can improve your financial services offerings