Bank Statement Analysis API
Unlock Comprehensive Financial Insights
Maximise Analysis, Minimise Risk!
Wavenet’s Bank Statement Analysis API provides in-depth financial insights by extracting and analyzing over 500 data points from bank statements including income sources, expenditure patterns, EMI obligations, investments, and more.
Why Choose Wavenet's Bank Statement Analysis API?
Wavenet’s bank statement analyzer is a comprehensive tool designed to process and extract valuable insights from bank statements, enhancing creditworthiness and financial health assessments.
Extensive Data Extraction
Configuration management tools like Gain access toover 1,000 datapoints,including salary credits,recurring expenses, loan EMIs,investments,and more,providinga holistic financial picture.
Transaction Segmentation
Our platform segments outflow and inflow transaction into categories such as rent,food ,loans ,etc ,providing you withvaluable insights into spending patterns.
Multi-Accounts Analysis
Seamlessly consolidate and analyze data from multiple bank accounts, ensuring a complt financil overview , even when acounts have been changed.
BSA Scorecard PDF
We provide a detailed BSA Scorecard n PDF formate,offering you a quick overview and analysis of the data
Fraud Detection
Identify potential fraudulent activies with our advane fraud indicators, including amount infusion ,balance sheet manipulation, and metadata analysis.
Holistic PortfolioView
Integarte data from mutual funds,fixed deposits,equities,and recurring deposites,enabling a comprehensive assessment of an individual's or businesss's finacial standing.
Customizable Rules Engine
Tailor our analysis to your unique underwriting criteria,incorporating your unique risk assesssment models and policies.
UPI Transaction Analysis
We provide comprehensive analysis of UPI transactions, enabling you togain deeper insights into customers transaction behavior.
Email Statement Fetching
Our platfrom allows for easy retrival of bank statements via email, streamlining the process for you and your customers.
Low cost
Our solution is competitively priced, offering you substantial cost savings without compromising on quality.
With Wavenet’s Bank Statement Analysis API, you have everything you need to make your underwriting process more comprehensive, holistic and customised.
Income Analysis
In the context of the Calculate total income, analyze stability, categorize sources, and assess debt-to-income ratio to understand financial health and predictability.
Fraud Analysis
Identify and flag irregular patterns, suspicious transactions, and potential fraudulent activities using advanced machine learning algorithms for comprehensive fraud detection.
Obligation Analysis
TIdentify and analyze recurring expenses, debt levels, and repayment behavior to evaluate financial obligations and potential opportunities for debt management.
Spend Analysis
Categorize and analyze spending trends over time to identify patterns, optimize budgeting, and distinguish between discretionary and non-discretionary expenditures.
Investment Analysis
Evaluate investment patterns, asset allocation, and risk tolerance based on transaction history to provide insights into investment behavior and strategy suitability.
Receive comprehensive support for seamless onboarding, ensuring smooth integration with your existing systems without disruption.
Find Your Query Here!
What is an Account Aggregator?
Account Aggregators are RBI licensed entities that facilitate secure data sharing with companies under India’s new data privacy framework. Upon receiving a data request, they ensure compliance with regulatory guidelines by seeking explicit consent from the customer before securely sharing approved data with the requesting company.
What is an FIU and FIP?
An FIP, or Financial Information Provider, encompasses entities such as banks or insurance companies that possess financial data related to their customers and products. On the other hand, an FIU, or Financial Information User, refers to an entity that requests data from an FIP, typically for purposes such as customer verification or facilitating financial product services.
How does customer consent for AA API work?
When an app or website seeks financial data from a customer, the customer can manage the request through an Account Aggregator (AA) app or website they’re registered with. The request details typically include the type of data, reason for the request, frequency of access, duration of storage, and more. Customers review these details and can either approve or reject the request using a simple PIN-based authentication method. Additionally, customers have the option to revoke consent for data sharing, providing them with full control over their information. This process not only empowers users but also fosters trust between financial apps/websites and their customers.
Does the AA have access to customer data?
No. The API and AA can only obtain data the FIPs provide. They do not retain or access any data, even with the customer’s consent.
Does the AA keep customer data after approval?
No. AA acts only as a transferring vessel for the data. All data obtained from FIPs are transferred to FIUs without retaining any information, even with consent.
Can AA access all customer data after approval? How safe is it?
No. Only data to which the customer has given consent can be accessed. The API transfers this data from the FIP to FIU. The process is fortified, and no external party can access the data. Even the AA does not access this data. All this is done while ensuring the best customer experience during the customer onboarding process.
