Nordigen income verification engine helps IPF Digital, one of the leading providers of digital financial solutions across 8 markets, including Latvia, detect rare fraudulent loan application cases with greater speed and accuracy.
Since its formation, IPF Digital has continuously focused on increasing growth, expanding its market share and delivering further returns to shareholders. An early adopter of account analytic technology, IPF Digital sought to maximise the potential use cases of its income verification engine.
In Latvia, IPF Digital verifies loan applicant bank statement accuracy using Nordigen's solution. After a statement has been uploaded onto Nordigen's cloud system, its engine automatically detects 'red flags' and potential risks, including whether an uploaded file has been edited using third-party software.
As a result, IPF Digital identify rare cases of loan application statement fraud with greater speed and accuracy. Armed with actionable insights generated by Nordigen’s verification engine, credit specialists are able to make better decisions based on credit assessments and decrease credit defaults.
"Before open banking, credit specialists had limited means of assessing applicant creditworthiness. With Nordigen's income verification engine, lenders across the globe can harness the power of turning data into actionable insights. We're incredibly proud to continue supporting IPF Digital's operations both regionally and globally," adds Rolands Mesters, co-founder and CEO of Nordigen.
IPF Digital combines extensive International Personal Finance PLC (IPF) knowledge of consumer finance with opportunities provided by digital transformations to challenge the financial sector and provide fast and convenient financial solutions. IPF Digital is one of the leading providers of digital financial solutions in its markets and currently operating in Finland, Estonia, Latvia, Lithuania, Poland, Spain, Mexico and Australia.