Third Party Integration with ValidiFI

The bank and payment data coverage offered by ValidiFI offers success-oriented insights. ValidiFI is a partner of NACHA, and its products guarantee compliance and reduce fraud. It helps users evaluate and confirm bank details using the account number structure and current status to prevent fraud.

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SparkLMS integrates with the best breed of third-party solutions in the Lending Eco-system to run a lending portfolio easily and profitably. ValidiFI + SparkLMS integration will allow lenders to verify the identity of borrowers during registration or account creation.

What it does

With this integration, lenders will be able to:

• Validate Account and Routing number
• Easily categorize payload data
• Perform deep behavioral analysis with bank account insights, bank transaction data, and live balance information
• Receive a cash-flow insights report complete with an affordability score

Benefits

• Reduce default risks and enhance loan portfolio performance.
• Simplify the onboarding process and reduce manual verification efforts.
• Ensure secure and efficient payment processing for loan disbursements and repayments.
• Reduced risk of ACH return codes.
• Better predict risk of first payment defaults (FPDs).
• Transact with greater confidence.

Pre-requisites

After on-boarding your lending portfolio on SparkLMS, you must set up an account with ValidiFI. We will guide you through the entire process of setting up ValidiFI in your instance of SparkLMS.