Lending and mortgage
Personal lending — The borrower receives a list of information needed to complete the loan application. This extensive required documentation typically includes bank statements, utility bill, tax records, proof of employment, and proof of income. Gathering of documents is cumbersome and leaves the lending company with documents that are not authenticated which exposes them to risk.
Mortgage lending — The length of time it takes to take mortgage origination from pre-qualification to funding is sometimes close to two months. The big challenge is that clients expect a much faster turnaround times with improved user experience.
Small business lending —Business owners’ biggest complaint is that the process is too slow. Many online lenders offer approval within days if not hours. One of the biggest challenges for traditional lenders has been finding a way to match this speed. Even for online lenders, much more can be done with automation and reduce risk exposure.
DIRO provides a real-time verification process, where customers and small business owners can verify bank statements, proof of address, tax records, proof of employment, proof of income, and verification of incorporation documents in real-time.
In addition to authenticated documents, DIRO also creates a machine-readable JSON file that can be fed into your decision engine for automation. DIRO helps to eliminate fake and stolen credentials, manual reviews, and OCR errors.
DIRO’s solution makes it possible for international financial institutions such as banks, lenders, payment providers, and crypto companies to have global coverage for regulatory compliance that otherwise was difficult or not possible.