How does Instantor work when requesting a quick credit?
In a matter of microloans, speed is an important factor. But to ensure that each credit application is studied and has a positive evaluation in the shortest possible time, it is necessary to have information. From CréditoSí we have implemented several systems to obtain the financial information of our clients in a totally secure way and resolve requests in record time. Some of these functions are provided by applications such as Instantor, Pich, and Kontox , known as banking APIs .
Instantor is a tool devised by a Swedish company to verify the financial data of users. The operation is very simple. The user accesses their online banking for the credit institution to verify the data with their bank. In no case are the customer's credentials obtained or stored and the data is encrypted to guarantee confidentiality , offering a series of advantages.
For the user, it saves you from having to provide documentation , especially if it is the first time you request a microloan . In addition, it offers a projection of your financial situation, without the need for it to be required by a bank or a microloan company.
Pich is the name of a startup that in recent times has been collecting the awards for a job well done. The Santander bank foundation recently recognized the company for offering efficient technological solutions to banking . And in the European Fintech Awards 2016 it has been awarded in the category of innovative software.
The operation is very similar to that of Instantor; It allows the secure connection between the client and the bank in the communication of sensitive information such as personal data or financial situation.
Kontox or Kontomatik is another of the tools made available to financiers and users to ensure the transfer of data and speed up the processes of granting microloans, allowing the realization of truthful credit ratings.
Why use Instantor, Pich or Kontox?
Instantor, Pich and Kontox are very useful tools for financial institutions, although their main advantages redound to users. If we put ourselves in the situation of requesting a quick loan , the request must be studied and the client must provide data and documents that prove their financial situation . With these applications, valuable time is saved, thanks to the fact that it allows you to generate a credit report in just a few seconds and with the mere identification of the user. The applications have state-of-the-art technology, which makes them work at maximum speed and with total security in the protection of data .
The process is as simple as identifying yourself by choosing the reference bank where you have the checking account. These tools report all the data necessary to assess a credit application to the microloan entity and subsequently eliminate all traces of data, ensuring confidentiality.
For the user, it saves time and effort . You avoid sending documentation that shows your financial situation. And your information is simultaneously protected, since only the application accesses the data necessary to generate the credit report.
For the financial institution that grants the microloan, it means having accurate information , verified by the algorithms of the different tools: Instantor, Pich and Kontox . So you can resolve each credit request in the shortest time and without asking the client for information.
Ultimately there is a saving of time and paperwork . Fundamental questions when applying for a microloan in Crédito Yes .
Security is the common characteristic of the three tools and the one most emphasized in their work. Both Instantor, Pich, and Kontox use security algorithms that prevent anyone from seeing customers' bank details . Not even the workers of the companies themselves. The information is only used instantly and is subsequently eliminated, after generating the mandatory report that is derived to the financial institution. All following the security protocols of the European Data Protection Agency and national bodies that certify the correct management of information.
The banking APIs can only access the financial information of the users with the prior consent of the clients . Each time the information is requested, the user must confirm their consent, since the data is deleted after each consultation.
The European Directive on Payment Services 2 (DSP2) recognizes the advantages of using banking APIs, while regulating their use and controlling the parameters that are handled, providing a regulatory framework that provides security to users and companies .