Through this move, Bectran and Plaid intend to mitigate idle time from credit application reviews, making them more efficient and secure. The initiative focuses on removing the need for manual bank references, which tend to be susceptible to input errors that may include inaccurate or dated information. This could lead to a variety of operational issues coming from human error. At the same time, the manual process is time-consuming and costly, often taking days or weeks without the guarantee of successfully obtaining accurate information.
By integrating with Plaid, Bectran intends to allow credit managers to mitigate scaled reference wait times and the need for monitoring for potential entry errors associated with traditional bank referencing. Through a customer sign-in, Plaid provides verified financial data, which is afterward analysed and scored by Bectran. The move centres on ensuring an efficient, accurate, and secure process by utilising Plaid’s network of over 12,000 financial institutions.
Furthermore, credit applicants need to sign into their bank accounts through Plaid’s APIs, authorising the development of a bank verification report, which includes insights such as account ownership information and transaction history, among others. This allows credit managers to evaluate the applicant’s identity, financial health, and risk profile. Additionally, by utilising risk-scoring algorithms, Bectran evaluates data points, including account balances, non-sufficient funds, notices, returns, and unusual activity, to deliver a comprehensive risk score. Doing this enables Bectran to remove manual input, reduce errors, and enable credit teams to make timely, data-supported decisions.
At the same time, the collaboration between Bectran and Plaid focuses on offering more security to the bank verification process, safeguarding clients against a variety of identity and payment fraud schemes. When it comes to credit managers, the partnership supports them in receiving fraud alerts when suspicious or abnormal account activity is detected. Commenting on the news, representatives from Bectran mentioned that the integration with Plaid represents the more recent addition to their company’s suite of risk scoring and analytics. The company expressed its commitment to optimising its solutions so that it meets the needs, demands, and preferences of clients, aiming to find ways to increase their operational efficiency and risk management abilities.
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