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User Permissioned Bank Account Access (Finicity)

Updated 1 month ago by Andy

Complexity:

Audience: Upper Management, Developers, Administrator, Compliance, Data

Introduction

It probably goes without saying, but it's easier for lenders to collect on loans if borrowers will put a payment profile on file. This payment profile can be used for AutoPays or one-off payments, but it's easier for the borrower to authorize either of those if they already have a payment profile on file. There are two ways that bank account information can be gathered. The customer can either provide it directly, or they can authorize retrieval of the information from their bank. This is typically done by providing login credentials for their financial institution to a service that will then retrieve the account and routing number and, usually, some transaction information.

LoanPro's integration with Finicity enables this method of retrieving payment profile information. The basic process is this:

Finicity pulls the following data:

Routing and account number
Account type (e.g. Checking, Savings, etc.)
Current available balance
Date of most recent transaction
Transaction history (up to 6 months of history preceding payment profile creation date depending on account age)
Account owner name
Associated Address

This article will go over how to enable the Finicity integration, how to embed the form, and how to link the payment profile to a LoanPro customer.

How The Finicity Integration Works

Enabling the Integration

If you haven't enabled the integration, log in to your Secure Payments account and navigate to "Banking Insight Providers".

Click "View agreement" to view and sign the Finicity agreement.

Review the agreement thoroughly, then click "I Accept The End-User Agreement", if you choose to use the service.

The data provided by the Finicity sevice should not be used to make a decision on whether to give a loan. Using this information for origination is a violation of FCRA.

Now you are ready to use the service.

Embedding the Form

As was mentioned, Finicity enables users to give permission to use their bank information. They do this through a form that looks like this:

To embed this iframe, add the following HTML snippet to your site:

<iframe src="https://securepayments.loanpro.io/api/service/finicity/capture-form/<YOUR OBO TOKEN>?capture_type=single">
    <p>Your browser does not support iframes.</p>
</iframe>

You can find this snippet within Secure Payments by navigating to Banking Insight Providers > Finicity, then clicking the "Start integrating" button.

In order for the iframe to work, you'll need to do two things.

Replace <YOUR OBO TOKEN> with an OBO token for your secure payments account. You can find your OBO token by navigating to Profile inside Secure Payments.

Make sure that the "iFrame creation" action is turned on. This can be done in Actions > Finicity inside of Secure Payments.

Once those two things are done, you can add the iframe to any HTML page and the form will show.

Note there are costs associated with using Finicity. These can be found in Secure Payments when you navigate to Actionsn > Finicity. A cost is incurred every time the iframe is created (of necessity this creates a customer in Finicity). A cost is also incurred every time a payment profile is created.

Using the Finicity Form

The Finicity form will allow a user to look up their financial institution and enter login credentials. This will bring up a list of their accounts. They can choose as many accounts as they would like. Once they click "Submit", the payment profile will be saved in Secure Payments and the iframe will return the payment token.

The payment token will be returned by the iframe as JSON, and will look something like this:

[
   {
      "type":"checking",
      "account-number-display":"1111",
      "token":"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"
   }
]

If multiple accounts are selected when linking them through Finicity, multiple payment profiles and tokens will be returned. The results will look like this:

[
   {
      "type":"savings",
      "account-number-display":"2222",
      "token":"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"
   },
   {
      "type":"checking",
      "account-number-display":"1111",
      "token":"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"
   }
]

Tokens can then be used to link the payment profile to the customer.

Sandbox Mode

You can test the Fincity integration by putting it in sandbox mode. When sandbox mode is turned on, no costs will be incurred, but you won't be able to create real payment profiles either. Here is the imporant information for testing:

Allowed Financial Institution: Finbank
Username: "Any"
Passwords: profile_03, profile_04, profile_05, profile_06, profile_07, profile_08, profile_09

Different passwords correspond to different financial data.

Common Uses & Questions

The most common use for this feature is to as a convenient way to let the user give permission to add bank account as a payment profile through a convenient, secure form.

Upper Management Use

For you, it's simply important to know that about this feature as an option for gathering payment profile information and validating the existence of the underlying account. This method of gathering payment profiles will also provide some of the other account information that could be useful in profiling your customer.

Developers Use

If your company uses this option, you'll need to come up with a plan to receive the payment profile tokens and link them to the correct customer in LMS.

Administrator Use

As you decide on exactly how everything will work when it comes to issuing and servicing loans, it's important to know that this is an option, and may help avoid transferring bank account information through insecure channels. It may also be a good way to validate bank accounts as they're added. If you use bank account validation as a condition of giving loans, note that this will not work well as part of your origination flow.

Compliance Use

Using this information to decide whether to give a loan will be a violation of FCRA. This option for gathering payment profiles doesn't require borrowers to transmit them over the phone or in writing, which will help you stay secure and compliant.

Data Use

This method of gathering payment profiles will also pull the information listed above for the account.

Will this feature help me make payments? Finicity is not a payment processor, and payments can't be made through this integration. However, this is a great way to pull payment profile information for your borrowers.

Can I get ongoing bank account information from this feature? Not yet. This integration will give you more information about bank accounts than other integrated services, but it will not yet allow you to pull ongoing transaction information from bank accounts.

Can I use this feature as an underwriting tool? No. The information pulled through this features is not designed to be used in underwriting. It would not be in compliance with FCRA to use this information for that purpose. Additionally, some lenders like to pull information about borrowers bank accounts in order to determine if a loan should be given. LoanPro does not specialize in origination and this feature will not fit well into the origination flow.

What’s Next

Now that you know how to get payment profile information through Finicity, check out our article on payment processing.