Whether you are a current customer or have recently applied for a short-term loan with Net Pay Advance, you might have been asked to provide bank statements to complete your request. Our customer service team frequently answers questions about IBV and why we are asking for more information, and this article can help you understand why IBV is a secure, simple solution.
What is IBV?
First and foremost, what does IBV stand for? The answer is “Instant Bank Verification.” It’s common practice for lenders to verify information provided on the customer application by requesting bank statements to decide whether to approve or deny the applicant. However, it’s been in recent years with the influx of technology in business that this has begun to change.
In past years, lenders like Net Pay Advance would receive bank statements via fax, then in more recent years through pictures taken by the applicant and sent via text message or email. While this worked for some years, a rise in online fraud made this a less appealing option for consumers. Also, the likelihood of an applicant either owning or having ready access to a fax machine is less and less common.
To provide more security for applicants and to make the process simpler, Instant Bank Verification services started to be utilized. Net Pay Advance utilizes IBV for not only new applications, but also to verify bank account and pay cycle changes requested by the customer.
How do I complete an IBV?
The process is simple. An applicant or customer logs into their account at www.netpayadvance.com and clicks on the tab “Bank Verification” and clicks the button “Start Bank Verification.” From there, customers can select their banking institution then enter their online banking information to login. After a short pause for “processing” the user will see a window that states the IBV is complete.
Why do I need to do IBV?
For brand new applicants, bank verification helps us confirm that applicants are who they say they are, thus protecting customers from potential fraud. Second, if underwriting was unable to make an approval on an application, viewing statements allows us to review more detailed information. This may result in a loan approval, where with more limited information we would have been unable to approve the loan request.
Furthermore, we use IBV to verify updates to a customer’s bank account and/or pay cycle. Again, this is for the security of all parties to verify the legitimacy of customer requests.
What information is given through IBV?
Net Pay Advance receives a snapshot of the bank account activity to verify a customer’s ability to re-pay the loan they are applying for. This is a one time “look” and we are not privy to any of the applicant’s financial information such as; username and password.
We take security very seriously at Net Pay Advance and you can trust that we would never put our customers or applicants at risk with any of our processes.
Is IBV secure?
The short answer, yes, 100% secure. All information is encrypted at the same level of security as your online bank account. Net Pay Advance uses IBV as an enhanced security measure because sending images of bank statements via text, email or fax aren’t as secure. (What if you lost your phone and someone saw the picture? What if someone was able to get into your email?)
Online safety combined with convenient and speedy processes are what Net Pay Advance provides to our customers and IBV is a big part of combining both of those mindsets. For more information about IBV, speak with a live representative at 888-942-3320 or visit our website at www.netpayadvance.com.