A key finding of the Interim Report for the Banking Royal commission was that although banks generally took some steps to verify the income of a loan applicant, they more often than not took any steps to verify an applicants outgoings. “Financial Institutions must do more in order to verify outgoings.”
Look Who’s Charging is proud to launch its Loan Application API. Our search engine can quickly categorise transactions to a high-degree of accuracy. It saves financial institutions significant time, ensures they make the correct credit decisions and also ensures they meet their obligations under the NCCP Act.
Applicant’s bank statements are passed through our search engine and we quickly and efficiently return a detailed report of income and expenditure by category.
Look Who’s Charging Co-founder David Washbrook said:
“Current methods for categorising transactions aren’t fit for purpose, hence the reason why banks have historically struggled to effectively verify expenditure. There are 867 Merchant Category Codes (MCCs) in use in Australia but 61% of all card accepting merchants fall into the top 25 categories and these can be very broad and generic like Miscellaneous Retail.”
“Look Who’s Charging has built its own categorisation engine based on a deep knowledge of the underlying merchant. No one category contains more than 1% of merchants. Our proprietary, market first tech enables banks to meet their responsibilities under the NCCP and most importantly to ensure that consumers receive the right products.”