Tink has launched a new income check service which aims to streamline income verification using the company’s Open Banking technology.

The move comes a week after the Swedish FinTech announced a new partnership with Cogo to provide carbon footprint tracking services to banks including NatWest.

The Open Banking platform said its new product enables banks and lenders to instantly verify a person’s income using real-time data from their bank account.

Customers can consent to connecting to their bank account using face recognition or with a single click.

The launch follows the company’s roll out of income check across a number of other European countries, including Sweden, Finland, Spain, France, Belgium, Germany and the Netherlands.

“While income verification has always been a crucial part of the lending industry, the process itself has been far from simple – until now,” said Tasha Chouhan, UK & IE banking lead, Tink. “With new capabilities made possible by open banking, income verification has finally entered the digital age, taking minutes to check instead of days or weeks.

"The arrival of our Income Check product in the UK, means that our UK partners can now instantly verify income directly from a user’s bank account, based on granular and secure real-time transaction data.”

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