How it works
Ask. Connect. Verify. Record.
Four steps, one of which belongs to the customer. Everything else produces the evidence your team reviews and the record it keeps.
Send a secure request when your process requires financial evidence from an identified customer.
The customer consents and connects the relevant account through Open Banking. They choose what they share.
Account ownership, income patterns, deposits and fund movement are analysed against the customer's explanation.
The findings, the indicators and the consent record are assembled into a report your team can review and keep.
Simple for the customer. Clearer for the reviewer.
Where the data goes
The customer shares with VeriSource, not with your front desk.
Your organisation receives the findings and the evidence trail. The raw banking data stays with the party that collected it under consent.
Why Open Banking
Consented data, not uploaded statements.
Open Banking gives customers a consent-based way to share financial information under the Consumer Data Right. With their permission, an assessment can draw on:
- Account details and ownership
- Balances
- Income
- Deposits
- Transfers
- Transaction history
The technology provides the data. Your people decide what the evidence means.
What the evidence can answer
- Does the account belong to the customer?
- Where did the relevant funds come from?
- Did savings build gradually through regular income?
- Did a large unexplained deposit appear?
- Did funds come from another person or entity?
- Did money move quickly between accounts?
- Does the explanation match the transaction history?
- Does the wealth position look plausible against the data?
Source of funds
Go beyond “Which account did it come from?”
A source-of-funds check needs to understand how the money came to exist, not simply which bank account sent it. A customer may say a large payment came from savings; the real questions are whether those savings built from regular income, whether a property or business sale created them, whether someone transferred the money, whether a loan funded it, and whether unexplained deposits appeared shortly beforehand.
The data supplies evidence. Your people supply the judgment.
Customer experience
Without asking customers to become their own forensic accountant.
Instead of asking someone to find, download and email months of statements, they get a secure way to share the relevant financial data.
- They choose what they connect
- They provide consent
- Your team reviews the information it needs
Less chasing for them. Less manual handling for you.
See it against your own process.
VeriSource is in active development. The first-user program is working with organisations that already carry these obligations, and shapes the workflow, the reporting and the commercial model.