Fintech APIs
Bank Statement Analysis API
Signzy’s Bank Statement Analysis API helps you evaluate your customers’ financial health, habits, transaction details, and track record with reliability and ease. This will help you determine the legitimacy of the customer while preventing any risky activities, as the transaction history will help you create an accurate image of the customer.
Using online Bank Statement Analysis API systems for companies and entities is beneficial to determine the credibility and associated risk since we utilize the bank transaction history and other transaction details.
Use Cases of the API
USPs of the API
Detailed Scorecards
Swift Processing with Reduced TAT
Seamless Usage
Benefits
Easy to Use
The API is optimized for the best user experience. Providing a faster bank account validation system
Stops Fraudsters
With exceptional precision, our API will detect fraudsters who try to use fraudulent bank accounts or credentials
Reliable Verification
Our system verifies all the information provided with the concerned bank, establishing the associated account’s validity
Real-time Verification
The data required for bank account verification is retrieved and verified within seconds, saving you time and effort
How to Verify?
Analyzing Bank Statement Details has never been easier. Following are the steps:
- Once you receive the link to the inquiry form, access it and fill in your details.
- After this, the Bank Statement Analysis API is to be integrated.
- Enter the Bank Account Number in the dialogue box.
- As a comprehensive bank statement analyzer, the API provides insights into the account’s financial health and activities.
FAQ
What is the Bank Statement Analysis API?
It is an online interface that helps you evaluate your customers’ financial health, habits, and track record. An AI-based decision rule engine checks transaction status and other transaction details to help do this. Data can be combined with other data points to create a more defined perspective about the user.
Why do businesses need it?
Businesses need Bank Statement Analysis API because of the following:
- Underwriting: Bank statement analysis API aids in assessing borrower creditworthiness and income verification for loan risk management with ease.
- Loan Approvals: Intelligent data extraction from bank statements facilitates accurate loan eligibility determination and risk assessment.
- Income Tax Purposes: Analysis of bank statements assists in computing ITR filings and estimating annual tax payments.
- Preventing Financial Fraud: Intelligent OCR in bank statement processing helps detect fraudulent activities and validates account details.
How does it work?
Once the user inputs the bank account number, the API uses a decision rule engine to evaluate all the available data. Finally, it concludes if the customer or user is qualified for the enterprise and provides you with the result.
How accurate is the verification process?
There are minimal to zero chances of any error in the verification. The maximum quality evaluation is made with the available data. An AI-based decision rule engine makes the process accurate and devoid of human errors. Transaction ID tracking is also possible, which improves accuracy on transaction status.
Can you use the Bank Statement Analysis API for underwriting?
Yes. The Bank Statement Analysis API can be used for underwriting as it gives a clear idea about the user’s financial behavior and credit worthiness.
Can you use the Bank Statement Analysis API as an alternative to the Credit Bureau API?
If you require an idea about the financial behavior of the user, Bank Statement Analysis API can be used for this. However, for detailed credit bureau access, there might be limitations.
Which attributes can we verify using this API?
Using only their bank statements, you can evaluate your customers’ financial health, habits, and track record with reliability and ease. This is obtained using the bank account number. It will help you decide if a customer is legitimate, financially secure, or unqualified.
