truID provides financial institutions and fintechs with a secure API for real-time access to consumer banking data, including transaction history and account information, while ensuring compliance through customer consent management. This technology enables businesses to make informed lending decisions quickly and enhances customer experiences by streamlining data integration and insights.
Funding
$50K raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Financial institutions and fintech companies often face challenges in securely accessing real-time consumer banking data, including transaction history and account information, which is essential for making informed lending decisions and enhancing customer experiences. Obtaining customer consent and ensuring compliance with data privacy regulations adds further complexity to this process.
Solution
truID offers a secure Open Finance API that provides financial institutions and fintechs with real-time access to consumer and business banking data, streamlining data integration and insights. The platform prioritizes compliance by managing customer consent and ensuring secure connections with banks. By standardizing data across various banks and categorizing it into over 40 income and expense categories, truID delivers enriched data and analytics, enabling faster and more informed decision-making. This allows businesses to onboard customers quickly, grant credit in seconds, and reduce customer acquisition time.
Target Audience
truID primarily serves financial institutions, fintech companies, credit providers, retailers, insurers, credit bureaus, wealth advisors, and banks seeking to leverage Open Finance data for improved decision-making and customer experiences.
Features
- Secure API for real-time access to transaction history, bank statements, and account information
- Consent management tools to ensure compliance with data privacy regulations
- Data standardization across all banks
- Categorization of financial data into 40+ income and expense categories
- Income verification with 98% accuracy
- Automated affordability assessments
- Credit score v1
- Tools for verifying account ownership and identifying fraud