Verification of employment is central to the lending and credit market. Reviewing bank statements and pay slips manually to verify an applicant’s income can be a frustrating and a highly time-consuming task for credit teams. It is also prone to fraud, inaccuracy, and human error.

MOGOPLUS’ Income Verification Product enables credit assessment and underwriting teams to instantly determine current and recent income and employment information automatically using actual and verifiable transaction data.

Our Income Verification Product is enabled by the MOGOPLUS income analytics engine which has been processing Australian income data for over 10 years across all lending products. It provides quick and accurate income profiling that verifies compensation for salaried, part-time and gig economy workers by collecting data directly from primary sources – applicant’s online accounts.

Aggregation of multiple income streams and specific configurable rules based on income frequency, recency and reliability are all included in the solution. With the highest level of accuracy in the market, our Income Verification product is used as the engine room for providing instant-decisioning and straight-through-processing outcomes for many innovative banks and lenders.

This eliminates the time-consuming process of bank statement analysis, providing an automated calculation of qualifying income that can be used to assess a credit application.