In a bid to solve financial problems for individuals and businesses, it sometimes involves providing financial assistance that may include giving out loans and credits.
While it is necessary and important to identify individuals and businesses by who they say they are, it is also as important to identify them based on their financial capabilities.
Usually, the amount of credit desired by entities varies depending on many factors. Some of which may include: who they are, where they are, what problems they are trying to solve, by what means they are trying to solve the problems, who they are trying to solve the problems for.
With financial service APIs from Dojah, it is easier to determine the financial integrity of a customer and from the results, financially identify them seamlessly.
The APIs give insight into the total income of a person with which one can determine if the customer is a salary earner and even the salary amount over any specified period of time as the application permits, the spending habits of a person, customer’s transactions over a period of time and details of these transactions.
This can help the developer and business know the total amount and average amount an applicant is worth, with an idea of structuring a repayment plan if needed.
How it works?
Once the API is integrated into a system and given the:
- account ID
- duration required
via Dojah’s financial widget,
- the average monthly income on the account
- transactions carried out from the account
- details of the transactions
- the employment status of an individual
- whether the income is consistent or not
- and the duration of search history
With these details, a business can determine the amount a customer will be able to afford and based on this, determine the total amount of credit a user is worth.