back Back

Tink launches ‘Income Check’ in the UK to simplify income verification

By Joy Dumasia

January 24, 2022

  • API
  • API Banking
  • Collaboration
Share

Tink has announced the launch of ‘Income Check’ in the UK, a service that streamlines income verification using open banking technology. 

Tink’s Income Check product allows banks and lenders to instantly verify a person’s income using secure and real-time data directly from their bank account. Using face recognition or with a single click, customers can consent to connect to their bank account, where incoming transactions over more than 12 months are categorised as salary, pension, benefits or cash deposits.  

The result is a convenient and frictionless process for getting a long-term view of a person’s income, which allows for better assessments of creditworthiness and repayment ability regardless of whether income patterns are regular or irregular, through employed salary or the gig economy. It also means that there is no need to rely on lengthy manual verification processes, and this reduces costs and the time it takes to apply while optimising approval rates. 

The UK launch follows the successful rollout of Tink’s Income Check product across Europe in Sweden, Finland, Spain, France, Belgium, Germany and the Netherlands. Tink’s open banking platform currently lives in 18 markets, serving more than 300 financial institutions, including NatWest, American Express, Paypal, ABN AMRO and BNP Paribas. 

Tasha Chouhan, UK & IE Banking Lead at Tink, commented: While income verification has always been a crucial part of the lending industry, the process itself has been far from simple until now. With new capabilities made possible by open banking, income verification has finally entered the digital age, taking minutes to check instead of days or weeks. The arrival of our Income Check product in the UK means that our UK partners can now instantly verify income directly from a user’s bank account, based on granular and secure real-time transaction data. This adds value for both businesses and consumers; by making the process fast, frictionless and more accurate, we can reduce costs and enhance the customer experience. At the same time, better use of data enables better decisions, which can make financial services and lending more accessible to a wider pool of people in society.”

Previous Article

January 24, 2022

Indipaisa and Hitachi Payment Services introduce new FinTech platform

Read More
Next Article

January 24, 2022

Save partners with VISA to launch Save Wealth credit cards

Read More







Advertise with us



IBSi Daily News Analysis

payment-- MarPay. Pointspay

May 25, 2022

API

Why are Pointspay and MarPay gaining traction in the payment industry?

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

FOO to provide FinTech solutions in the Kingdom of Saudi Arabia

Read More

Today

3 Brazilian FinTechs revolutionising the financial sector

Read More

May 24, 2022

EML Open Banking expands into 20 new countries to complete its coverage of Europe

Read More

Related Reports

Sales League Table Report 2021

£ 1,500.00 / year

Know More
Emerging Technologies in Capital Markets

£ 500.00

Know More
Global Digital Banking Vendor and Landscape Report Q1 2022

£ 1,500.00 / year

Know More
Wealth Management & Private Banking Systems Report Q1 2022

£ 1,500.00 / year

Know More
Treasury and Capital Markets Systems Report 2021

£ 1,500.00 / year

Know More