SOURCE: DirectID

DirectID

May 18, 2016 08:30 ET

DirectID Delivers Faster and Fairer Lending Decisions for Leading Online Lenders Prosper Marketplace, Amigo Loans, Bigstone Capital and More

Real Time Bank Authentication Helps Lenders on Three Continents Instantly Verify Identity and Improve Underwriting Speed and Accuracy

NEW YORK, NY--(Marketwired - May 18, 2016) - DirectID announced today that its customer identity verification and underwriting service is being used by eight new leading lenders across three continents. DirectID's real time, certified bank verification and transaction data feeds enable these lenders to make faster and more accurate underwriting decisions.

"DirectID enables responsible lenders to better serve their customers through fast and fair underwriting decisions based on an applicant's true ability to repay," said CEO James Varga. "We deliver a more accurate, streamlined and pleasing process with better outcomes for both borrowers and lenders."

DirectID combines identity verification, affordability testing for underwriting, and payment confirmation into a single, powerful hosted solution. With DirectID, lenders can make faster and more accurate lending decisions, reduce fraud, and meet compliance requirements.

DirectID identity verification time averages 24 seconds for the applicant, speeding up a traditionally off-line verification process that can take up to three to five days. The service also makes available up to 365-days of read-only certified bank statement transaction data. This improved process automates new customer onboarding and actively reduces risk to support growth and scalability.

New DirectID customers announced in 2016 include:

A new DirectID lending customer launches every two weeks. Nearly 75% of consumers working with these lenders choose online bank verification with DirectID rather than visit a branch or upload bank statements. Consumers using DirectID gained 360,000 minutes last month alone by not uploading their bank statements.

DirectID is used by global retail banks, wealth management platforms, and online lenders across five continents today. Through partnerships with Microsoft, Yodlee, ID Analytics and others it has the ability to serve 4,500 banks and verify 500 million potential customers in 32 countries. To learn more, please visit https://directid.co.

About DirectID
DirectID provides on one-time customer verifications with a frictionless user experience that can be embedded directly into a business's existing process. DirectID combines Bank Verified Identities and live financial transaction history with bureau and other data sources to help businesses increase conversions, reduce fraud and make more accurate decisions. The DirectID platform includes both an embedded UX as well as a backend Dashboard and API, and is also available as a fully hosted service. Learn more at https://directid.co.

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