MicroBilt’s recently minted “Instant Bank Verification” (IBV) product takes top honors at OLA’s 2012 Leadership and Innovation Conference.
The 2012 Innovation Award recognizes IBV’s outstanding contribution to the online lending industry. Among more than 10 competitive companies, industry peers voted IBV as the lending industry’s newest and most innovative underwriting tool. IBV, currently a U.S. based solution will expand its footprint in the coming months to Canada, the UK and then Australia.
IBV was developed based on the lenders desire to make more informed decisions. If lenders could know variables such as, what the borrower had in the bank, when they got paid and how much, in real-time, it would be a game changer.
In fact, MicroBilt’s Instant Bank Verification (IBV) does just that and whole lot more -- verifying a borrower’s bank account in real-time, allows lenders to immediately assess the risk and bank account status of applicants. By greatly simplifying this step in the loan process, IBV allows lenders to close more loans at lower cost and less risk.
Prior to IBV, the industry relied heavily on predictive data solutions to make credit decisions. Now, with IBV, lenders are able to make risk based decisions by actually viewing banking account data in real time in order to make lending decisions. Additional value was brought to the product with full transactional data, over 60 aggregated data points, style sheet, score, SSN verification, OFAC watch list, and address details. This information is available in XML, JSON and on microbilt.com
. Current coverage is over 95% of financial institutions in the US and over 20,000 banks worldwide.
MicroBilt’s EVP of sales, Quinn Thomas commented, “We are very pleased to accept the innovation award for IBV from OLA as there were some outstanding solutions submitted from more than 10 of the top companies in our space.”
Sean Albert, MicroBilt SVP, concurred, “It truly is an honor to be recognized by our peers and it demonstrates our commitment to delivering leading edge solutions to the market.”
IBV greatly increases convenience for both the consumer and lender by allowing fully automated loan decisioning. Lenders can offer loans more quickly while reducing the cost of acquiring necessary information. With more essential data, lenders can better screen their customers and reduce portfolio risk.
Consumers get a quicker decision on the funds they badly need. They are less likely to abandon and are more satisfied with the experience.
Ultimately, IBV is a very simple solution resulting in multiple, profound results. More loans, automated in a faster, cheaper, more accurate manner, with greater customer satisfaction.
Interested in finding out more? For information on Instant Bank Verification, call MicroBilt at 1-800-884-4747 or visit microbilt.com
MicroBilt is the leader in serving small businesses with data and tools that they need to manage risk and make informed lending and hiring decisions. MicroBilt offers the small business owner simple, cost-effective solutions for fraud prevention, consumer financing, debt collection, and background screening. With its PRBC® Consumer Report with the FICO® Expansion® Score, MicroBilt is the leading provider of alternative credit data to businesses that want to offer credit and other financial services to the over 100 million underserved consumers in the United States. For more information, visit www.MicroBilt.com