What is Decision logic?
The Decision logic software was developed as an advanced bank verification system that would allow lenders to verify financial information to fight against fraudulent bank statements instantly. This problem has been getting worse and more common in the business lending space. Decision logic is the most secure bank verification technology developed to date.
After reading, we hope you have a better idea of how crucial the Decision Logic program is in establishing a more secure lending climate in the American economy following the subprime crisis.
David Evans, the CTO and President of Decision Logic, has over 25 years of experience as a Chief Technology Officer and has served in various roles, including serving as a Scientific Adviser to the UK Government. CEO Carl Fredericks, a former Vice President of an IBM partner and account manager for numerous governments, industrial, and financial institutions, also contributed to the company's development.
The Decision Logic software was created as an enhanced bank verification system that would allow lenders to rapidly check financial information in the fight against fake bank statements, which have become a significant concern and are more common in the commercial lending market.
If you are a lender, you may ask precisely how Decision Logic might be used to speed up the information retrieval procedure.
Here is an explanation of each action:
Step 1: Custom Decision Logic
Before finishing a business loan or advance application, the lender provides the applicant/company owner a custom Decision Logic link via text SMS message or email, which they access.
Step 2: Customer opts-in
The applicant then enters their banking details. Remember that you can only visit this URL once; once it has been used, it cannot be accessed.
Step 3: Opt-in successfully.
The opt-in is booming, and the verification procedure is finished after the information has been entered.
The customer is instantly forwarded to the lender's website after receiving a success notification.
The applicant must input their information within a set amount of time, after which the link expires and ceases to function as an additional security measure.
Neither Decision Logic nor the lender will access the data; only underwriters will, together with rigorously up-to-date business statements.
Step 4: View bank statement
Now that the lender can access the applicant's bank records, they can check them for authenticity. This speeds up the funding process and enables the lender to connect via API.
A read-only copy of the applicant's business bank statements is provided to the lender to aid in deciding on approval.
That's all there is to it! The entire process can be begun and finished in just a few minutes.
Using our service, lenders can instantly confirm a borrower's identity, account number, and balance. Additionally, it gives users access to the past 365 days' transactions from the borrower's account. Many of the issues with traditional ways of loan decision-making are eliminated by this computerized real-time approach. IAV enables lenders to take quick, precise actions essential to their business's success.
Solutions for Leading Industries Where Transaction History Assessment in Real-Time is Critical.
Why Do Banks and Finance Companies Use Decision Logic?
For bank verifications, decision logic has emerged as the industry standard. Decision Logic allows lenders to quickly evaluate acceptable bank information, enabling them to make wise lending decisions. This technique benefits both the lender and the borrower because it prevents the latter from taking on a loan they cannot afford.
The Instant Account Verification (IAV) solution from Decision Logic was created for the financial sector to help its clients make loan choices faster and more accurately. They have teamed up with the top global credit and financial data providers to establish a unique Data Provider Aggregation Environment. Decision Logic has developed a cutting-edge, user-friendly, effective, and secure solution using the most recent technology from these data providers.
Cox Business News staff Writer
Journalists from around the world writing to give you answers, with Assitant Editor Dr Muhammad Hassan Fayyaz for articles in June and July 2021
The Editor In Chief of Cox Business News