Open Banking Verification Platform for Financial Data
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Solution Overview
Problem
Conventional systems for processing lease or loan applications are burdensome for applicants, requiring extensive documentation and manual review, and lack the ability to verify the authenticity and accuracy of provided information, which can impact credit scores and decision-making efficiency.
Innovation Solution
A verification service that allows applicants to access and share information through third-party services, such as open banking and credit check organizations, using APIs to request and verify financial, employment, and identification data, with a scoring system to determine application approval based on verified information.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Measurement precision
If applicants provide extensive documentation manually, then verification accuracy improves, but application processing time and complexity increase
Solution Approach 1:
The patent introduces third-party verification services as intermediaries between applicants and reviewers. These services automatically verify information sources (employers, banks, educational institutions) and provide verification status, eliminating manual document collection while ensuring accurate verification through trusted third-party mediators.
Solution Approach 2:
The patent replaces manual mechanical processes (physical document collection, manual review, paper-based verification) with automated electronic systems. APIs connect to third-party services to automatically retrieve and verify information, substituting human manual work with automated computational processes that are both faster and equally accurate.
2Reliability
If manual review processes are used, then information verification capability improves, but reviewer workload and operational complexity increase
Solution Approach 1:
The system enables self-service verification where third-party services automatically verify applicant information without requiring reviewer intervention. The verification services independently contact information sources, validate data authenticity, and return verification status, allowing the system to serve itself rather than relying on manual reviewer effort.
Solution Approach 2:
The patent extracts the verification function from the reviewer's workload and assigns it to specialized third-party verification services. Reviewers no longer need to manually verify information sources themselves; instead, verification capabilities are separated out and performed by dedicated external services that return results to the review system.
3Adaptability or versatility
If multiple applications are submitted to different entities, then applicant opportunities increase, but documentation burden and time consumption increase
Solution Approach 1:
The patent creates a universal verification system that serves multiple entities simultaneously. Once an applicant's information is verified by third-party services for one application, the same verified information can be reused for multiple applications to different entities, eliminating the need to submit duplicate documentation for each application while maintaining verification integrity across all entities.
Data Source
AI summary
An example method includes receiving an application, sending a prompt to an applicant to authorize access to financial information by an open banking system, and receiving the financial information associated with the applicant, the financial information including at least income information associated with the applicant. The method also includes determining an income score associated with the applicant based at least in part on the financial information, determining a threshold income score, and determining that the income score is equal to or greater than the threshold income score. The method further includes sending, to a reviewer, a recommendation to approve the application based at least in part on determining that the income score is equal to or greater than the threshold income score.