[HeatherF]

heather do you just use it "verify" or do you pull 90 days worth of their bank data too? Do you still need paper bank statements?

Sean,

We do it for verification that our test debit has cleared, that there are no other funders debiting or crediting, and we do the day we fund for that reason. We do get 90 day but as stated before we are pulling this the day we fund vs. at the start of the application as too many things can happen between initial app and time of funding. Also IBV is not a cheap data pull and at certain volumes it does not make sense to use at the start of an application vs. when you know it is going to fund. You spend a lot of money on investigative services in this industry and where and when you pull certain data in the underwriting process can help alleviate the overall cost of acquisition and allows us not to fee the merchant for funding them, as we have no application fee. This is also true in algorithm models as well.