Digital Identity solution an Asset for Fraud Protection
Since the start of consumer and business lending, lenders have sought the most comprehensive, up-to-date sources of data to help them make strong risk assessments and credit decisions. At one time this was basically limited to Equifax, TransUnion, Experian, and Dun & Bradstreet. Over the past three decades, this list of third-party data providers has grown exponentially. At GDS Link, we have assembled an extensive Data Connector Library, accessible through our Modellica Platform, that provides a single point of access to connect to a comprehensive and continually evolving set of third-party data and solution providers around the world. Whether dealing with prime or sub-prime applicants, applicants present or on-line and extending loans or services across multiple verticals GDS’s set of integrations is focused on supporting our clients’ risk assessment and mitigations strategies across the entire credit lifecycle.
In today’s fluid environment, evaluating and testing new sources of data in your credit decisioning models has never been more important.
So in case, you missed it, here’s a short summary of the data sources we’ve recently added:
Accertify – US – ID Verification and Fraud – Bank Aggregation – provider of fraud prevention, chargeback management, digital identity, and customer authentication solutions.
Accertify’s Digital Identity solution consolidates customer account management activities in a single solution to simplify customer digital account management, fraud detection, stop account takeovers, and provide a frictionless customer experience.
Device Intelligence prevents fraud by analyzing devices and associated identities transacting across digital channels via mobile applications and mobile and desktop browsers. The platform helps clients verify identity, assess, and mitigate risk in real-time, and optimize the customer experience.
Account Score – US – Bank Aggregation – AccountScore is a highly innovative global data and analytics business that provides actionable insights and analysis on bank transaction data for their clients. They provide reliable, accurate, and easy to understand transaction data analytics on data either sourced through Yodlee or directly imported from your own source.
CarltonConnects – CarletonDocs US – Document Management – CarletonDocs provides a loan origination application access to the multiple document generation, signing, and management solutions through a single API interface. Products include:
✓ Multiple Vendors, One API – Provides standardized interfaces to any document generation vendor including Wolters Kluwer, CarletonDocs, eOriginal, DocuSign, IMM, and others.
✓ Complete Flexibility – Perform the entire transaction at once, handle each phase separately, or return to a previous phase as needed.
✓ Full Life Cycle Support – Can support other phases of the document life cycle beyond document generation including digital signature, eContracting, and archiving.
✓ Data-Driven – Connections can be included or excluded based on the transaction data.
CarltonConnects – CarletonCalcs – US – Other (Calculations) – CarletonCalcs has long been recognized in the lending industry for providing accurate calculations that are compliant with the federal and state lending regulations. CarletonCalcs ® has the flexibility to meet the computational requirements of the lending institutions and the state and federal regulations on a nationwide basis.
CarletonCalcs® library of calculation modules provides full support for commercial, mortgage, construction, consumer, lease, payday, irregular and student lending with or without credit protection. CarletonCalcs® supports loan origination, compliance validation, and loan servicing computations for each individual state and federal regulation nationwide.
DataMerch – US – Alternative Credit Data – DataMerch LLC was founded in 2015 and is designed to help funders determine if a future client of theirs has a bad track record in the alternative finance industry. DataMerch members can scrub their files using DataMerch’s specifically designed FEIN search and enter unsatisfactory businesses into the database. DataMerch currently has over 60 industry-leading subscribed members working together as a community.
Infinity – US – Loan Management System – GDSLink offers integration to Infinity’s Loan Management Solution. Infinity was engineered with the input of CPA/Accounting professionals in the lending industry so you will always have an accurate—and legal—picture of your lending portfolio with Infinity. The Infinity system was built for a Payday loan, installment loan, and Small Business loan management.
Payday Loan: * Schedule ACH transactions and reminder messages for automatic payment processes. * Follow-up reminders will keep your CSR’s on-task when working customer accounts. * Refinancing a loan is as easy as clicking a button.
Installment Loan – * Customize interest-only, balloon… any type of installment payment schedule possible. * Produce any imaginable payment schedule to accommodate a customer’s pay frequency. * Assign multiple tiers of interest and never worry about miscalculations. * Create payment schedules based on your lending model with ease. Never let your software hold you back again.
Commercial/Small Business – * Seamless Debit/Credit card integrations. * Fully customizable reports will give you real-time statistics on your business performance. * Their reports also create custom marketing campaigns that you can track using Infinity analytics.
Line of Credit – The Infinity solution for Line of Credit Loans gives you the flexibility you need to meet state laws while still offering your customers the product they want…and need. Control everything from grace periods to billing cycles.
Title Loans – Infinity offers advanced loan underwriting for Title Loans. The solution contains a fully customizable collateral engine that allows you to determine the names and quantity of loan collateral. This gives you the option to lend on more than just auto loans.
CSO/CAB – Infinity has supported the CSO/CAB model as long as it’s been out there. They have created a daily settlement report which is something you’ll need in order to operate as a CSO or CAB.
Nova Credit – US – Alternative Credit Report – Nova Credit is the premier cross-border bureau. Lack of a domestic credit history keeps millions of immigrants in the United States from realizing their dreams. The award-winning fintech helps newcomers and other global citizens apply for financial services using their international credit history.
Nova Credit translates international credit data into a U.S.-equivalent score and report in a format familiar to American underwriters, who use it to evaluate applications for credit products.
Founded by immigrants, they have a diverse team from around the globe who are creating a world beyond borders to help newcomers arrive and thrive.
Nova Credit currently partners with credit bureaus in Australia, Brazil, Canada, India, Mexico, Nigeria, South Korea, and the UK. In the near future, the company plans to expand to China, Jamaica, and Kenya.
Prove – fka – Payfone – US – ID Verification and Fraud – Payfone’s phone intelligence synthesizes and analyzes a robust set of phone and mobile signals to deliver unparalleled identity insight for the purposes of identity verification, identity authentication, and fraud prevention. If you think about how many people have mobile phones, how long they have had them, and how often they use them, it’s clear why signals from mobile phones provide the most detailed, longitudinal (repeated observation or examination over time) view of a consumer’s digital footprint. Because this digital footprint is composed of so many different signals over such a long period of time and with such frequency, it is highly correlated with the identity and trustworthiness of the associated consumer.
Sentilink: US – ID Verification and Fraud – SentiLink’s technology helps combat synthetic fraud, a crime in which fake identities are created and used to defraud financial institutions and government agencies.
SentiLink leverages deep industry knowledge and proprietary, patent-pending soft-clustering technology to identify fraudulent applications by searching for statistical anomalies. The same fraudsters target multiple lenders. SentiLink can flag suspicious behavior to prevent your institution from being a victim.
SentiLink is designed to discover both 1st person and 3rd person fraud.
Socure – US – ID Verification and Fraud – Socure’s ID+ provides a real-time predictive analytics platform that combines the newest forms of machine learning and artificial intelligence with digital, offline, and social identity data to deliver the most accurate and robust KYC, identity verification, and fraud risk prediction solution in the market. It works using a waterfall design where the user submits a request and it undergoes various stages of PII verification, verifying that all information was submitted and validating that it is not from high-risk individuals. Socure has two endpoints, with one returning scores and reason codes and the second returning only reason code descriptions.
Upstream Logix – US – ID Verification and Fraud – Upstream Logix targets data for the under-banked, near-prime, and subprime as these verticals have a limited credit history footprint and accessing their creditworthiness can be high risk.
By pairing traditional data with powerfully alternative insights from the wireless, banking, and sub-prime markets, Upstream Logix enables smarter, more predictive decisions across the customer life cycle. Unlock the potential with Upstream Logix.
VouchedID – Global – ID Verification and Fraud – VouchedID helps companies review and verify the identity of its customers by using AI to extract data from various documents, included, but not limited to, drivers licenses, handgun licenses, passports, visas, etc.
VouchedID uses AI to extract information from documents and compare them to user-submitted information such as names and dob. VouchedID also validates the documents via image processing by gathering a photograph of the individual and comparing it to the ID photo on the submitted document. VouchedID is in the process of adding DMV data from various states, in order to further validate driver licenses and ID documents.
Want to learn more about any of the data sources and how they could help you?
*Note: Descriptions of products and services sourced from each vendor’s website.