Proof of Income

This step verifies the income you earn. This validation is needed by the financial institution because any loan requires a verification of the source of income. This is done using the Open BankingClosed Open banking connects banks, third-parties and technical providers to securely exchange data. integration with Credit KudosClosed Credit Kudos’ intelligent products enable businesses to leverage Open Banking to enhance affordability and risk assessments. Their products help lenders streamline underwriting, improve accuracy in decision-making, and support customers after acquisition through our engagement tools.. This is a suggestion FintechOS has. However, any third-party platform can be integrated.

IMPORTANT!  
Every customer must have at least one account linked.

Click Link Your Bank Account to start the process.

FintechOS fetches the following data from Credit Kudos:

Predicted monthly income with transfers incomeWithBankTransfers

Predicted monthly essential expenditure essentialExpenditure:

  • Value
  • Currency.

They are used to determine the DTIClosed The Debt-to-Income ratio (DTI) is a personal indicator of a good balance between debt and income detremined by essential expenditure/ income with bank transfers..

Account linked

After the process within the Credit Kudos platform is over, you are directed to this step with two options:

  • Add another account: click it to launch the Credit Kudos solution again to add a secondary account

    or

  • Save and continue: click it to open the next page and trigger the formula BNPL_FinancialCalculation and the new limit is stored within the core banking system.
NOTE  
The income and expenses are hard-coded in the form driven flow FTOS_BNKAP_BNPLOpenBanking > step BankAccounts >After Events to income = 15000; expense = 100.