Truework expands their consumer-permissioned VOIE experience with Mastercard Open Banking solutions

Truework will leverage Mastercard Open Banking, provided by its U.S. open banking arm Finicity, to offer consumers a way to permission access to their bank account data, further streamlining their income and employment verification process.

The use of consumer-permissioned data in the income and employment verification process in recent years has led to a shift away from manually collecting paystubs and bank statements to provide benefits for companies and consumers alike:

• After providing permission to access data, consumers instantly connect to the appropriate third-party data source to provide the data required, bypassing the need for time-consuming document collection
• Financial data is provided directly from the source, reducing chances for fraud, clerical errors, or the need for downstream correction
• 95% of adult US consumers have at least one bank account and the use of consumer-permissioned data to connect to providers such as banks provides more opportunity for individuals whose data may not be found in databases

The expansion of their consumer-permissioned offering contributes to Truework’s mission to be the most comprehensive verification service. With all major methods automatically orchestrated within one platform, Truework delivers complete and accurate reports to help approve consumers more efficiently for mortgages, apartment leases, and other important financial transactions.

In the mortgage industry, Truework already has an industry leading 75% completion rate which can reduce a lender's total cost of ownership by 50%. With bank connectivity, they expect to increase completion rates by 5-10%, further helping lenders reduce overall costs by leveraging automation and wider data strategies, all while improving the overall consumer experience.

"There are many ways to collect income and employment data, and we believe that the best way to do so starts with empowering the consumer,” says Ethan Winchell, President of Truework. “We empower the consumer through safe mechanisms to gain their approval, then by making it easy to log into any bank platform or payroll provider, gather the data automatically, with no need for physical paperwork. We’re excited to partner with Mastercard Open Banking to offer this experience as part of Truework’s holistic verification service."

Consumer-permissioned bank data through Truework will be widely available this spring 2025.