Retrieval and verification of bank account transaction data
Identyum Fincheck
FinCheck is a digital service that enables companies to reliably and automatically retrieve and verify financial data of both individuals and legal entities – all with the prior consent of the account holder and in compliance with the PSD2 Directive and the GDPR.
What is the retrieval and verification of bank account transaction data?
It is a digital and automated process through which licensed AIS (Account Information Service) providers, in accordance with the European PSD2 Directive, access account and transaction data from one or more of the user’s banks – fully digitally and automatically, with the explicit consent of the account holder.
Since 2019, Identyum has been a licensed AISP (Account Information Service Provider) authorized by the Croatian National Bank (HNB).
This process is becoming increasingly essential in the context of fraud prevention, the quick assessment of financial capacity, and the optimization of onboarding processes – all of which are conducted digitally and without paperwork.
Why is the retrieval and verification of account transaction data important for your company?
Key features of the
Identyum FinCheck service
Access and Retrieval of Account Information
Includes IBAN, currency, account type and status, account ownership, etc.
Access and Retrieval of Account Balance Information
Includes balance type, current account balance, overdraft limit, etc. Access real-time account balance and view transaction history in just a few clicks.
Access and Retrieval of Account Transaction Information
Includes transaction type and subtype, transaction amount, currency, payment model and reference number, transaction description, payer name, aggregation, optional transaction categorization, and scoring.
Fast, Digital, and Automated Access
All information is available in less than 60 seconds, with no physical documents required.
Security and Compliance
The service requires that the account holder has internet or mobile banking and provides explicit prior consent for data access. It is fully compliant with the GDPR, PSD2 Directive, and AML Directive.
EU Coverage
As a PSD2-licensed AISP, Identyum offers the service across all EU member states.
For what can companies use the Identyum FinCheck?
Assessment of a client’s financial capacity and creditworthiness
With FinCheck, you can quickly and reliably assess the financial status of your existing or potential clients before approving products/services or entering into contracts. The FinCheck service provides insight into the account holder’s balance and transaction history, which can be used to create an analysis and evaluate their ability to repay future debts or cover expenses.
This is especially useful when selling products or services with installment payment plans or deferred payment options.
Fraud and money laundering prevention
FinCheck assists in AML analyses by providing access to actual user transaction data from their bank accounts. This data is extremely valuable in detecting suspicious behavior patterns and identifying high-risk activities.
FinCheck can enrich the user’s KYC profile with real financial data, increasing the accuracy of risk assessment, facilitating categorization within the AML system, and supporting ongoing client monitoring throughout the business relationship.
Faster and more efficient digital onboarding
Forget manual document collection, statement scans, and lengthy client verification. FinCheck enables new users to digitally confirm their identity and immediately allow verification and retrieval of bank account data. Everything happens online, without delays or paperwork.
This significantly reduces the time required for user onboarding, increasing conversions and accelerating the business cycle.
Compliance with regulatory requirements
FinCheck is fully compliant with GDPR, PSD2, and AML regulations. Data is retrieved exclusively with the user’s explicit consent, meeting all legal conditions for processing and storing personal and financial data.
This allows your company to fulfill all obligations under the legal framework without additional administrative burden.
How to use Identyum FinCheck?
The FinCheck service is available to companies through integration with Identyum APIs for retrieving financial data.
STEP 1
The user initiates the process on the company’s platform (website or mobile application) with which they wish to establish a service, product, or business relationship.
STEP 2
At the point where financial data is required, the user is automatically redirected to the Identyum platform, which enables secure access and retrieval of bank account data.
STEP 3
The user selects their bank and chooses one or more IBAN accounts within that bank. If the company already has the user’s IBAN, it can be pre-filled in the process.
STEP 4
The user gives explicit consent to Identyum as the authorized service provider, to access and retrieve bank data from the selected IBAN accounts.
STEP 5
Once consent is given, the user logs in to their online or mobile banking account, initiating a secure process to retrieve financial data from the selected IBAN accounts.
STEP 6
After successful retrieval, Identyum delivers the relevant data to the requesting company, and the user is automatically redirected back to the company’s platform to complete the ongoing process.
Advantages of using a tool for bank account data verification
Speed
FinCheck allows retrieval of key financial data such as balance and account activity in less than 60 seconds. This gives you the advantage of quick response in making business decisions.
Security
Strong security protects your data at every step. Access is granted exclusively with the user's digital consent, eliminating the possibility of misuse.
Reliability
Instead of relying on clients' declarative data, FinCheck uses real, up-to-date information from banking systems. This makes every check credible and objective.
Legality
Fully aligned with GDPR, PSD2 and AML, so you're always legally covered. As a licensed AIS provider, Identyum enables data retrieval in a legal and transparent manner, protecting user rights.
Simplicity
No need for papers, confirmations, and unnecessary phone calls. Everything you need is available online, simply, quickly, and without additional technical complications.
HAVE QUESTIONS?
Find answers in the Frequently Asked Questions section.
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Whether you need support or want to explore how Identyum can empower your business, our team is ready to connect.