Simplify and automate your due diligence process with a complete view of your clients’ Source of Funds—no need for endless documents or back-and-forth requests. Instead, verified financial insights are just a few clicks away.
Trusted by some of the world’s leading companies
Real-time Source of Funds checks
-
Ensure Trust with Verified Client Payments
Minimise the risk of falsified documents by directly validating payment information from clients' bank accounts, ensuring greater trust and security in transactions.
-
Stay Informed with Real-Time Account Verification
Easily monitor which accounts are verified and identify pending verifications, providing transparency and a comprehensive audit trail to support compliance.
-
Accelerate Decisions with Comprehensive Insights
Streamline your decision-making process with a consolidated report that presents all sources of verified evidence in one place, enabling quicker, more informed choices.
Fast and secure with open banking
With our Source of Funds checks, you can eliminate the need to chase clients for bank statements and instead collect verified evidence. Open Banking allows you to connect with 95% of UK banks, enabling your customers to easily submit their financial statements, which are then instantly analysed for you.
Enhance your Source of Funds checks
For more comprehensive candidate verification, additional anti-money laundering checks can be seamlessly integrated into the same verification process.
-
Proof of Address
Verify a candidates address as part of the ID Verification process by allowing them to upload a utility bill or bank statement.
-
Third-Party Data Checks
Verify the candidates name, date of birth or address against records from a centralised database
-
AML Watchlist Screening
For high-risk use cases, we can check a candidates information against a global database of PEP, sanction and watch lists.
How Creditsafe helps source of funds checks?
Facilitating thorough verification and ensuring transparency in client payment validation for informed decision-making.
-
Validate Client Payments
Reduce the risk of falsified documents by validating payment information directly from your clients' bank accounts, ensuring authenticity and reliability.
-
Comprehensive Audit Trail
Easily track the verification status of accounts, distinguishing between verified and pending statuses, all while maintaining a clear and comprehensive audit trail for full transparency.
-
Faster Decision Making
Streamline your decision-making process with an all-in-one report that consolidates verified evidence from multiple sources, readily accessible in one location.
Frequently asked Source of Funds questions
What is a Source of Funds check?
“Source of Funds” refers to the origin or provenance of money or assets used in a particular financial transaction or investment. All anti-money laundering regulated entities, including Estate Agents and conveyancers, are required to determine the Source of Funds as part of Customer Due Diligence. The regulations require regulated entities to assess whether the Source of Funds are consistent with their knowledge of the customer, the customer’s business and their risk profile.
Can you connect to multiple accounts?
Yes, your customer can easily connect with multiple accounts in one go with all reports saved against your customer’s file. For each account provider, they will need to provide permission and account authentication.
Which banks can your Source of Funds app connect with?
100s of financial service firms and banks have signed up for Open Banking including 90 account providers. The list of account providers includes the big 5 – Lloyds, HSBC, Barclays, NatWest and Santander, as well as challenger banks like Starling, Revolut and Metro. You can find a full list by visiting the official Open Banking website https://www.openbanking.org.uk/
How secure is Open Banking?
Open Banking uses rigorously tested software and security systems. Your customer will never be asked to give access to their login details, PINs or passwords. In addition, only apps and websites regulated by the FCA can access the Open Banking infrastructure and your customer chooses when, with whom, and how long third parties get access to their data.