SMART SOURCE OF FUNDS

Secure & verified statements in seconds

With our Open Banking powered reports, there’s no more need to search through pages and pages of bank statements. Instead, you’ll get verified financial insights in just a few clicks.

Try it for yourself

Our Source of Funds solutions uses cutting edge technology to reduce the burden of gathering and verifying your customer’s financial evidence.

Gathering Source of Funds using traditional methods can be a frustrating experience for both the customer and company. There is often a lot of back and forth, as customers send through paper documents which when reviewed don’t fully evidence may not be sufficient requiring additional requests and documents.

Get verified and analysed statements, instantly, with our Open Banking-powered Source of Funds solution

Our digital solution means you can stop chasing clients for bank statements and gather verified evidence instead. Our Open Banking solution connects with 95% of UK banks, allowing your customers to easily submit their financial statements which then instantly analyse for you.

Open banking powered source of funds

Key Features that result in Faster Financial Due Diligence

Source of Funds Dynamic funds totalizer

Dynamic funds totalizer

Often the simplest solutions are the best and that’s certainly the case with our funds totalizer. This simple visual aid helps ensure your customer submits sources that total the value of the transaction.

Smart Financial Fact-Finds

Smart Financial Fact-Finds

Instead of long, tedious questionnaires, your customer only needs to select the sources relevant to them, answer simple, relevant questions and provide an appropriate form of evidence

Source of Funds evidence capture options

Uploads or Open Banking

Not everyone has online banking, so we give your customers the flexibility to choose between Open Banking or document upload when submitting their financial evidence, reducing the need to request additional documents.

WHY CHOOSE CREDAS’ SOURCE OF FUNDS SOLUTION

Get statements swiftly & securely via our FCA regulated Open Banking partner
Instant analysis and automatic categorisation of inbound and outbound transactions
Affordability analysis and missed payments profiling
Smart financial fact-find that takes the burden off of your customer
Simple, seamless integration into your existing onboarding processes
Easily exportable as a one single PDF with all evidence and notes

ACTIONABLE EVIDENCE IN A CLICK

Ditch the highlighter pens and calculator. Make faster decisions with automatic data analysis and categorisation.

Our Open Banking powered solution uses state-of-the-art self-learning models to enhance and analyse transactions enabling you to easily understand your customers financial history.

Our detailed reports include an affordability overview; analysing  of total income v total expenditure over the past six months;  analysis of all inbound transactions and income over the past six months; a summary of regular direct debits/standing orders as well as a full six-month breakdown.

Automatic transaction data categorisation

Our solution automatically analyses and sorts incoming transactions into 27 different categories ranging from cash payments, salary, cryptocurrency and international payments. While outbound transactions are analysed and sorted into 74 different categories ranging from gambling sites to peer-to-peer transfers and inter account transfers.

Credas Source of Funds Report

Frequently Asked 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.

You may also have heard of Source of Wealth. Source of Wealth differs from Source of Funds by taking into consideration the wider financial context of the customer not just the funds behind used for the transaction. Regulations 33 & 35 require Source of Wealth to be established when enhanced due diligence is necessary, such as when the customer is a Politically Exposed Person or established in a high-risk territory.

Which banks can your Source of Funds app connect with?
Our Source of Funds solution can connecting with over 90 account providers including the big 5 – Lloyds, HSBC, Barclays, NatWest and Santander, as well as challenger banks like Starling, Revolut and Metro. For a full list of all accounts please get in touch.

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.

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.

What are the benefits of using Open Banking for Source of Funds?
In 2024, falsifying or editing documents is a fairly trivial task that most people can achieve without specialist knowledge or software. According to CIFAS, in 2023, falsified bank statements accounted for 31% of all reported false applications*. Open Banking allows for swift and automated verification of a customer’s financial statements and removes lengthy waiting periods and unnecessary paperwork. For your customer, they no longer have to download documents, sift through drawers looking for paperwork or head into branch to get certified copies.

For fast Source of Funds, get in touch.

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