The optional proof of funds checking service is a business product allowing customer organisations to quickly, easily and securely verify or authenticate their own customers or users. It involves customer organisations uploading their documents that can prove the said funds are available.
The document(s) requested by the customer organisation doing the check. Biometrics, mentioned next, verify the document
The document(s) from each proof of funds check and the result. The default storage is one week, but customer organisations can customise this. The shortest storage time we can offer is 24 hours and the longest is three years.
Proof of funds: The information and check results are sent to the customer organisation.
The service is a data processor for proof of funds checks. Customer organisations will decide the lawful basis (if required under EU/UK privacy law).