Instantor, revolution in the verification of bank details
You may not have heard of Instantor , however, this technological tool has become an essential application in the verification of bank details , especially in the online loan sector.
Instantor, a banking API (Application Programming Interface) based in Stockholm, provides accurate and fast financial analysis of those who want to apply for a loan through an online banking service such as Credit Yes . The application checks the status of a user's accounts practically immediately, without the need to send documentation.
In fact, most financial technology entities already trust Instantor as a highly effective instrument to evaluate the solvency of a user or client when requesting a credit or loan online , that is, as a way to guarantee that the money loaned to a certain person is going to be returned.
Verification by Instantor
The way to proceed is very simple and is borne by the applicant for the credit or online loan. They must log in to the application with the same access data that they use for their online banking service and, immediately, the tool will proceed to carry out the appropriate checks.
Instantor guarantees total confidentiality and the complete elimination of data once the solvency report has been made.
In fact, as a banking API, Instantor can only access the financial information of users with their prior consent. In addition, its service is regulated by the European Directive on Payment Services 2 (DSP2), which recognizes the benefits of using this type of technology.
What advantage does Instantor have over the traditional verification method?
Before the appearance of Instantor, to find out if a user could meet the expenses assumed with the contracting of a credit or loan online, the financial institution had to collect certain information through the applicant's personal documentation such as a photocopy of the ID or the Last payroll, which should arrive by ordinary mail, fax or email. This step prior to the granting of a financial product was tedious, for both parties, due to the consumption of resources and time, delaying the granting of the online loan or credit.
Nowadays, thanks to the appearance of Instantor, financial institutions can act more quickly , evaluating the economic situation of a user, their solvency and the risk of the operation, more efficiently and safely, speeding up the granting of their products, especially microloans or online loans, in which the speed of response is essential for the user.
At Crédito Sí we implement those systems to obtain the financial information of our clients that are totally safe and capable of resolving requests in record time, hence we trust the Instantor banking API.