What is the essence of the bank verification procedure?
Verification refers to actions during which the verification of persons who have applied for a loan is carried out. The term comes from the Latin word verificatio – proof. The main area of work of the employee of the verification department in the bank is lending.
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The scope of responsibilities includes:
verification of the identity of the person who applied for a loan;
establishing the authenticity of the provided references;
maintaining the customer base;
studying the credit history of a potential borrower;
conducting an interview with a potential borrower;
clarification of the information provided by the borrower from his employer and other financial and credit institutions;
identification of circumstances preventing the issuance of a loan.
In order to prevent fraudulent actions, large banks have entire verification departments for working with clients. The technology of their interaction with borrowers is regulated by internal regulations and standards.
The technology of verification in the bank.
Basically, verification takes place according to the standard scheme, although, if necessary, an employee can depart from the general algorithm and proceed to a more detailed study of the information submitted by a potential borrower.
Telephone verification.
Modern technologies allow the verifier to find most of the information remotely. So, extracts from official databases and registries can be found online. The rest of the information is usually found out by phone. The bank's specialist has the right to contact the spouse(s), the employer of the potential borrower. When working with legal entities, a review from a counterparty, tenant or partner may be required.
Sometimes, when the legality of the company's work cannot be verified from open sources, verifiers go to tricks. Under the guise of a buyer, they call the number of this institution and make a trial order. This technique even got a special name – the legendary bell.
Verification at the bank is a prerequisite for obtaining a loan. The procedure is beneficial to two parties (the lender and the borrower). It allows you to adequately assess the client's solvency and choose the conditions for obtaining a loan that correspond to his level. During verification, the identity of the person who applied for the loan is identified and the level of his income is assessed. They also reveal the fact that there are debts in other banks. After collecting all the information and conducting an interview with a potential borrower, the verifier transmits his conclusion to the credit department.