MicroBilt, a business risk management systems company, has introduced Instant Bank Verification, (IBV)a proprietary technology system designed to help non-traditional lenders assess the risk and bank account status of applicants in real time.

According to the MicroBilt website, “IBV automatically and instantly provides a lender with six distinct attributes making it easier than ever to gauge the repayment abilities of a loan applicant.”

Included in the applicant data is the existence of a real account, the length of time the account has been active, and whether or not the applicant has direct deposit.  The system also determines the frequency of the deposits, as well as to how many NSF instances from the account.  IBV also tells you what the account balance is – all this is done in real-time.

The goal of the new technology is to procure more accurate information faster than it was available previously, thus allowing alternative lenders the ability to make more informed decisions. 

MicroBilt estimates that their clients serve over 100 million consumers in the U.S.