Autochek has partnered with Mono, a Nigerian API fintech startup, to make it easier and seamless to verify vehicle loan applicants.
According to a press statement, the teamwork will enable Autochek to access the creditworthiness of users and help determine the type of vehicles that users could buy and layout affordable,monthly installments.
How does the Autochek-Mono partnership work?
- Users make the loan request and are asked to link their bank accounts to get their account statement
- Users link their accounts by entering their bank username and password on the Mono widget
- Within seconds, the statement is obtained. This information will help Autochek determine the eligibility of the user for a vehicle loan.
Commenting, John Egwu, Autochek’s VP of Operations, said, “Our aim is to deliver a seamless experience for our users and as part of that, we were looking for a frictionless way of qualifying our customers for vehicle financing as well as obtaining bank statements to assess their creditworthiness.
“After making a switch to Mono Statement Pages, many of our customers are now able to share bank statements directly from their banks, and our interactions with customers are better streamlined.
“A stable service for statement collection is essential to our customers’ journey map and decision-making by our various teams. Here at Autochek, the Underwriting and Customer Success teams use Statement pages, alongside the Engineering and Product teams.”
Presently, not all banks are available to obtain users’ bank statements. This, the Mono team said in the statement is being addressed by continously updating the list of banks.
“The Mono team also continuously adds more banks to its existing list of connections. It is very common for customers to move their money between institutions, and if their preferred financial institutions are not listed, that throws a cog in the seamless process.”