Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Connective enhances expense verification process

connective sign ta

connective sign ta
Reporter 2 minute read

The aggregator has announced the launch of an integrated solution for borrower expenses verification.  

Connective has integrated software developer CashDeck’s Credit Ready tool into its Mercury platform.

Credit Ready is a bank statement and expense analysis tool, designed to enable borrowers to submit bank statements from across their various accounts in a timely manner.

The tool is also designed to collate up to 12 months of transactions from all of a borrower’s accounts and provide an analysis across key spending categories.

According to Connective, the integration of Credit Ready would enable brokers to send requests for bank statements and living expenses to their clients from within the Mercury platform.

The aggregator added that once the client has submitted their statements and transactions for analysis, the data is automatically uploaded to their record within Mercury.

Following the announcement, Daniel Oh, Connective’s group legal counsel, commented: “We are providing Credit Ready free of charge to our credit rep members as a value-add service and is available at a discounted cost to ACL members.

“By integrating the tool within our Mercury platform, we are streamlining the arduous task of collecting bank statements and verifying living expenses for both our brokers and their clients.

Advertisement
Advertisement

“Aside from making expense verification a frictionless process, the analytical functionality of Credit Ready also supports the delivery of more detailed and better-quality loan applications.”

Mr Oh said the integration of the Credit Ready tool is particularly pertinent in light of recent regulatory scrutiny on verification practices in the lending space.

“With the assessment of borrower living expenses remaining a sharp focus for lenders and regulators, incorporating Credit Ready into our Mercury platform will assist our brokers to satisfy an important compliance obligation as the task simply becomes an embedded part of the loan application process,” he said.

Wayne Robinson, founder and CTO at CashDeck, added: “Manually assessing expenses across multiple banks and accounts is a difficult and laborious task.

“We’ve focused heavily on developing systems to make tasks like this easier, while at the same time focusing on a superior and secure user experience.

PROMOTED FEATURES


“Working with Connective allows us to continue to build and evolve our technology as the needs of the industry change over time.”

[Related: Bank of China revamps lodgement process to boost broker access]

Connective enhances expense verification process
connective sign ta
TheAdviser logo
connective sign ta

 

more from the adviser
house coins ta Aussie reports record spike in pre-approvals

The major brokerage has reported a record increase in home loan p...

Money jar Facebook launches SME grants program

The social media giant has commenced processing applications for ...

uptick Aggregator reports surge in settlements

Purple Circle Financial Services has reported a record increase i...

FROM THE WEB