Frequently Asked Questions

As an Applicant

What is VeriFast?

VeriFast provides an automated verification-as-a-service platform to businesses looking to validate an applicant's current information such as income, identity, employment, and related finances.  

We leverage our partnerships with 99% of the financial institutions serving Canada and the U.S. to securely identify, categorize and aggregate approval data into a concise report.

What makes VeriFast different?

Gone are the days of utilizing outdated methods to verify information. No more searching for bank statements or pay stubs, combing through paperwork or having to make dreaded calls to banks or employers. With convenience, privacy, security, speed, and accuracy, our service provides a better way to get verified.

Why do you need my bank login?

We evaluate debit, credit, balance, and transaction history data from your bank to verify your income, employment, and finances. To do this, we need your consent to connect with your banking provider. By logging into your account through a secure channel provided by your bank, you provide us this permission to read your digital bank statements.

I am hesitant to share my information online. How secure is my data?

We understand your hesitance to share sensitive financial information online. That’s why we only capture the relevant bank data needed to verify your finances. 

Our service carefully selects which data and transactional information to share. In fact, most transactions have been filtered out before anyone views your report. 

Maintaining your privacy and security is our deepest responsibility. For your safety, we’ve designed our system to operate using256-bit encryption. In addition, we automatically anonymize and delete your information after 30 days.

Verifying your data is a responsibility that we don’t take lightly. You have our word. Visit us hereto learn more about what information is included in your report.

Can you see my debit card or password information?

No, never. Your debit card number and password are never accessed or captured by VeriFast. Your login credentials are passed through to your financial institution securely. If the credentials are correct, then we will receive a copy of your related financial data, which allows us to generate our report.

How much data is available in VeriFast’s report?

Enough to give the full picture of your financial health. Our report provides up to twelve to twenty-four months’ worth of fiscal data per applicant. Most financial institutions allow a full year of transaction history, but some banks may restrict their shared financial data to shorter time periods.

Is this legal? 

Yes, it's legal. VeriFast uses the consent-based exchange of read-only transactional data. Simply put, no information is sent or viewed without your explicit consent.

How long does it take to complete VeriFast’s Report?

We understand the need for speed when processing applications. That’swhy our platform is built to complete a verification and generate a full reportin just a few minutes typically.

Does VeriFast confirm net or gross income?

We confirm your monthly net income by securely accessing and analyzing the transaction data from your bank account. For added financial transparency, our platform confirms ALL income sources, not just employment income. It’s able to outline your spending toward debt, average monthly account balance, bill payments, and more.  

This unique dataset reflects your true cash flow, giving a clearer picture of your monthly finances so your application can proceed with confidence.

Ready, set, get verified.

Whatever your verification needs, we’re ready to help you get started. Schedule a demo today or try VeriCheck™ for instant results.