[MikeGreen-Quarterspot]

QuarterSpot is wondering if there is any interest to send an OFX file for a submission instead of a PDF of the bank statements. OFX is the format of a bank statement electronically downloaded and sent over from the merchant, just like a PDF.

https://en.wikipedia.org/wiki/Open_Financial_Exchange

Does anyone currently get these from their merchants?
Do you currently have to explain how to download a PDF and could ask for the OFX?

We know we can underwrite quicker if they come in this format. We just dont know if it screws up your workflow too much to get it.

Thanks for the feedback.

Mike

https://www.quarterspot.com/partner-registration

[anonymous]

Tough enough to get .pdf in some cases with older clients who wait for statements in the mail. Feel like asking for that is a real stretch to be honest...

[Michael I]

yeah you will lose a ton of business if you require that

[AndyYSCISOdept]

Doing this NOw Id say NO but in 5 years OFX will be standard....

You are dealing with a generational shift where it takes all the tech brain power of guys my dads age to send in Bank statements in PDF and not Jpeg....

[MikeGreen-Quarterspot]

We are not going to require it for sure. I was checking if anyone felt it was realistic at all.

[FCF Fund]

I think you would have more interest with ISO's that can pull their own Decision logic, if you guys took that (assuming you don't) I think there is more interest there.

[MikeGreen-Quarterspot]

What is the file format of Decision Logic? What would be sent to QuarterSpot with the submission?

[FCF Fund]

Typically PDF, it only goes out to last 90 days, MTD included. I believe you can export into XML as well. The beauty behind DL is that it gives you all the verified banking information (account type, active etc) all while doing the average daily and gross monthly without encumbering the merchant to download his full bank statements online. Problem is most lenders won't accept it for UW.

[Funder Mark]

I wonder if there is a way to set DL to take a screenshot going back to the beginning of the month you are currently in, and then going back another 3-4 months. Shouldn't be much harder to set up, and would solve all problems.

[FCF Fund]

Unfortunately its set up to 90 days history only...trust me Ive tried everyday with DL to give me a full 3 months +. Banking compliance does not yet allow them to. Most lenders use DL for the bank verification / login part, Im dying to know who can soft approve just off what DL provides as its straight from the bank.

[YuliyaG]

Unfortunately its set up to 90 days history only...trust me Ive tried everyday with DL to give me a full 3 months +. Banking compliance does not yet allow them to. Most lenders use DL for the bank verification / login part, Im dying to know who can soft approve just off what DL provides as its straight from the bank.

Many funders take DL. Some even take the CSV file that you can get with the statements to plug into their systems to generate offers.

[WeFundIt]

Very interesting discussion. I prefer requesting PDFs. Thanks for this though.

[AriLebowitz]

When i had a cellular store, I did consumer financing and customers hated Decision Logic... Most were scared to type in their username and password because they thought DL would Store their login ... Most felt more comfortable printing their statements .