automate affodability checks mercury enriched financial apis

Scale aggressively whilst meeting regulatory requirements and reducing credit risk.

Using _Affordability API Mercury Enriched enables clients to fully automate their regulatory affordability, KYC & AML processes in days, not months or years.

We take all of the hassle out of consumer affordability checks by using machine-learning & instant biometric SCA to power _Identity API.

  • Complete UK, European & Australian Coverage
  • Instant biometric SCA
  • Intelligent A.I financial affordability analysis
  • Effortless consumer onboarding
  • Seamless KYC process automation
                    

{
  "success": true,
  "message": "Affordability data",
  "code": "200",
  "data": {
      "affordability_summary": {
      "liability": 100,
      "average_income": "4123.66",
      "average_expenses": "2891.37",
      "average_eom_balance": "1232.29",
      "affordability": "PASSED",
      "liability_cash_position": "1132.29",
      "primary_account_check": "PASSED"
    }
  }
}

What is _Affordability API?

Built on top of open banking and the fastest financial rails, _Identity API provides your customers with an effortless way to securely verify their ability to afford new liabilities.

Reduce Credit Risk

Dramatically reduce credit risk by having an instant accurate snapshot of a customers’ financial history. _Affordability API provides a definitive assessment of a customers’ current creditworthiness.

Instantly Meet Regulator Requirements

Meet regulator consumer lending affordability checks in minutes using the  _Affordability API by Mercury Enriched. We provide the most accurate representation of a customers’ financial health.

Boost Conversion

Remove lengthy forms and the need to scan multiple documents, enable users to verify their financial affordability using existing bank authentication and a fingerprint or face ID.

Increase Speed to Market

Focus on building great products, not maintaining your infrastructure. Our systems are built for scale and operate with 99.9% uptime.

Bank Grade Security

Our APIs are open banking and PSD2 compliant across Europe ensuring secure access to the financial system.

                    

{
  "customer_key": "wCx9mJ8nz1zr5AtB",
  "name": "john doe",
  "auth_type": "AFFORDABILITY",
  "account_id": "56c7b029e0f8ec5a2334fb0ffc2ffacz",
  "liability_value": 1000
}

Built for Developers. Built for Scale & Speed

We turn complex financial algorithms & infrastructure into simple API calls to save your team thousands of development hours.

Build quickly, scale effortlessly and go-to-market in days not weeks using Mercury Enriched APIs.

Affordability & Creditworthiness API Frequently Asked Questions

Affordability & creditworthiness are two central pillars of responsible & profitable financial decisioning.

Being able to accurately calculate affordability & creditworthiness allows clients to minimise their underwriting credit risk.

Affordability centres around the consumers ability to afford a new financial liability.

_Affordability API uses AI to analyse historical consumer spending behaviour to provide a detailed analysis of whether they would be able to comfortably afford their new loan, credit card, financed purchase and so on.

Creditworthiness centres around the consumers likelihood to meet new financial commitments.

_Affordability API uses AI to analyse historical consumer payment behaviour to provide a detailed analysis of whether they have historically paid new loan, credit card, financed purchase commitments and so on.

Our _Affordability API makes automating consumer affordability & creditworthiness checks effortless.

It has been designed to ensure clients are always compliant & also save weeks of development time and cost.

_Affordability API Workflow

  • Client generates a new _Affordability API session request with their new consumer liability amount
  • End-user is sent an authorisation session link via SMS
  • End-user provides access to their bank account via Open Banking
  • End-user session & involvement ends at this point
  • _Affordability API algorithms use AI to analyse end-user financial data for creditworthiness and affordability
  • Client is returned _Affordability API analysis in JSON/Application format
                    

{
  "success": true,
  "message": "Affordability data",
  "code": "200",
  "data": {
      "affordability_summary": {
      "liability": 100,
      "average_income": "4123.66",
      "average_expenses": "2891.37",
      "average_eom_balance": "1232.29",
      "affordability": "PASSED",
      "liability_cash_position": "1132.29",
      "primary_account_check": "PASSED"
    }
  }
}

KYC means Know Your Customer and sometimes Know Your Client.

KYC or KYC check is the mandatory process of identifying and verifying the client’s identity when opening an account and periodically over time.

In other words, banks must make sure that their clients are genuinely who they claim to be.

Banks may refuse to open an account or halt a business relationship if the client fails to meet minimum KYC requirements

Why is KYC Essential

KYC procedures defined by banks involve all the necessary actions to ensure their customers are real, assess, and monitor risks.

These client-onboarding processes help prevent and identify money laundering, terrorism financing, and other illegal corruption schemes.

KYC process includes ID card verification, face verification, document verification such as utility bills as proof of address, and biometric verification.

Banks must comply with KYC regulations and anti-money laundering regulations to limit fraud. KYC compliance responsibility rests with the banks.

In case of failure to comply, heavy penalties can be applied.

Short Video About KYC

  • Consumer Lending – Automate regulatory & compliance affordability checks whilst using accurate historical financial data to reduce credit risk.
  • Commercial Lending – Get an instant snapshot of commercial health and creditworthiness using historical financial data delivered by _Affordability API
  • Real Estate & Housing –  Instantly determine whether a client can afford new mortgage and rental commitments based on their current and historic financial health.

Anti-Money Laundering, otherwise known as AML is a set of laws and compliance procedures, these aim to protect financial institutions from criminals using financial systems to launder money from criminal proceeds.

Short Video About Anti-Money Laundering (AML)

PSD2 otherwise known as, The Revised Payment Services Directive,  is a European regulation for electronic payment services.

It seeks level the playing field between banks and non-banks, using the democratisation of data to increase competition & innovation.

Short Video About PSD2

Do clients have to assess affordability separately from creditworthiness?

Chapter 5 of the FCAs Consumer Credit sourcebook (CONC) outlines a requirement for clients to assess the creditworthiness of a customers. This is the customer’s ability to make repayments as they fall due, covering both affordability & creditworthiness.

So in essence, no – clients should be assessing affordability in a parallel with credit worthiness.

Does the FCA define how clients should check affordability & creditworthiness.

The FCA does not clearly define how clients should check the affordability & creditworthiness of customers.

The scope of all affordability assessments should cover the type and amount of credit, alongside the customer’s financial position.

A client is required to make a ‘reasonable’ assessment of a customer’s affordability & creditworthiness, our _Affordability API automates this process and provides with with a accurate historical & present assessment.

Do I have to use a credit reference agency (CRA) to make a creditworthiness assessment?

There is absolutely no requirement for our clients to use CRAs to make creditworthiness assessments. The Mercury Enriched _Affordability API provides the most accurate representation of a customer present & historic affordability & creditworthiness.

Short Video About FCA Consumer Credit Regulations

Ready to get started?

Talk with one of our Financial API experts today