What IBV (Instant Bank Verification)? How Does It Affect My Short-Term Loan Application?

Graphic of woman on laptop with financial icons

What IBV (Instant Bank Verification)? How Does It Affect My Short-Term Loan Application?

Why does Net Pay Advance want bank statements?

Are you an existing customer or a recent online loan applicant with Net Pay Advance? Regardless, you might’ve been asked to provide bank statements to complete your request. Our customer service team answers questions about IBV and why we are asking for more information. This article will help explain why IBV is a secure, simple solution.  

What is IBV?

First and foremost, what does IBV stand for in finance? IBV stands for “Instant Bank Verification.” Often lenders try to verify information provided on the customer application. They do so by requesting bank statements. These statements help them decide whether to approve or deny the applicant. Over the years, this process has changed with the help of technology. 

In the past, lenders like Net Pay Advance would ask for bank statements. This was done via fax. 

For a while, applicants could click and send pictures via text or email. This worked until online fraud became a concern. Customers became less inclined to use this option. Turning back to fax wasn’t possible. It is not common for customers to own or have access to a fax machine. All of these factors ushered in the need for a more secure option. 

IBV or Instant Bank Verification services came to be used as a better option. It offers higher security and makes the process simpler.  

At Net Pay Advance, we use IBV for new as well as existing customers. It is used to verify bank accounts and pay cycle changes requested by the customer. An IBV is a “read only” snapshot of your bank statement that a lender has access to one time. 

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.

Instant bank verification portal

From there, customers can select their banking institution and enter their online banking information. After a short pause for “processing” the user will see a window that states the IBV is complete.

step one for instant bank verification in Net Pay Advance portal
step three for instant bank verification in Net Pay Advance portal
step two for instant bank verification in Net Pay Advance portal

Why do I need to do IBV?

Net Pay Advance utilizes IBV for not only new applications, but also to verify bank account and pay cycle changes requested by the customer.  

For brand-new applicants, bank verification helps us confirm that applicants are who they say they are. This helps protect 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 loan approval. If we had limited information, we may have been unable to approve the loan.  

IBV is important for returning customers’ applications as well. We also use IBV to verify updates to a customer’s bank account and/or pay cycle. This is for the security of all parties to verify the legitimacy of customer requests. Jamie, who acts as a customer service consultant for the team, explains that “If it has been a while since a customer has taken out a loan, we need them to complete a bank verification so we can review their loan request.” The use of IBV can vary, but it is typically used if there has been over 12 months since the customer’s last loan. It’s performed to check the legitimacy of the customer’s request. Your security is important to us. We want to make sure that it’s you applying

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 with Net Pay Advance. This is a one-time “look”.  We are not privy to any of the applicant’s financial information such as username and password.  

At Net Pay Advance, we take security very seriously. Learn more about the security we have in place. We would never put our customers and applicants at risk with any of our processes.  

Is IBV secure?

The short answer, yes, IBV is 100% secure. All information is encrypted at the same level of security as your personal online bank account. Net Pay Advance uses IBV as an enhanced security measure. This is because sending images of bank statements via text, email or fax isn’t always secure.  

What if you lost your phone and someone saw the picture? What if someone was able to get into your email? 

IBV is built to keep your personal information secure.  

People often wonder: Will anyone see my username and password? 

No. When you set up IBV, your login credentials are not shared with us. We do not have access to this information. We cannot see what you type in to IBV.  

Jamie clarifies, “The bank verification communicates directly with the bank and returns the transaction list to us, nothing else.” 

Net Pay Advance works to combine safety and the convenience of speedy processes. IBV is a big major of combining both of those mindsets. 

We keep you informed

If you find yourself needing a payday loan, do not hesitate to reach out to us. We have helped thousands of customers and would love to do the same for you. Begin your loan application here.  

We asked our customer service team some of your questions. We received insightful answers. These were their responses. Take a look:

IBV FAQs (Frequently Asked Questions)

Q: Do I enter my login for Net Pay Advance or my bank? 

A: Enter your login information for your bank when promoted. 

Q: Is it normal for it to load for so long?

A: The bank verification can take up to 2 minutes to complete. 

Q: Why do you need to see all my transactions? That isn’t your business.

A: We have to review your account to make sure the account is still in good standing since it’s been over a year since your last application with us.

Q: This seems excessive for $XXX

A: If it’s been over a year since your last loan, so we just need to verify your account. 

Q: What exactly are you verifying?

A: We typically look at account activity, running balance, and income. Things like that. Ultimately the decision is made by our underwriting system. Our digital underwriting system will take information from the bank verification and pay day loan application to make a decision. 

Q: It says my security question is wrong and I’ve never had to answer one.

A: This would be something that is set up through your bank, if you don’t have this information you would need to contact your bank to set up a new password.

For more information about IBV, speak with a live representative at 888-942-3320 or visit our website at www.netpayadvance.com. 

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