An important aspect of the Aptly Screening process is that Aptly utilizes providers such as Verifast to help provide ID and financial verification of tenant credentials. Verifast has made some recent improvements to its product, and we want to dive into what your prospects will see when applying.
In this article, you will learn about:
- The Verifast Application Flow
- ID Verification with Verifast
- Financial Verification with Verifast
ID Verification Application Flow
- Applicants will go through the ID Verification flow as the third step in the application process. When they click the Add button, they will be prompted to go through the ID Verification process. ID Verification can be enabled as the preferred flow for applicants or required for all applicants to move forward.
- After clicking Next, the applicant will be asked to select which country their ID is from. Then, they will select which government-issued ID they will be using during the verification process.
Verifast ID Verification will not accept any of the following:
- An expired ID
- Non-US ID (driver's license, ID card)
- US non-government-issued ID (school ID, bank card, company badge, etc.)
- Social Security card
- Temporary paper Driver’s License or State ID
- Photocopies, electronic replicas, or screenshots
- Once the applicant has selected an ID type, they will be prompted to take a live photo of the front and the back of their ID (depending on the ID type). If they are starting the application on a computer or device that does not have a camera, they can continue this portion of the process on another device as well.
- Following the successful capture of their ID, applicants will be prompted to record a live video of themselves. They will be given the option to continue on another device, if necessary. Applicants will center their face in the frame and move their head from side to side. Once the video is captured, Verifast will run diagnostics in the background to discern if the applicant matches their ID!
Income Verification Application Flow
- Later in the application process, applicants will be taken through the Verifast Income Verification flow, where they will be able to connect their bank account to their application. Similar to ID Verification, applicants have the option to complete this step unless it’s required in your Screening Management Settings.
- After clicking next, applicants are taken to the Connect Bank screen. Clicking on the Connect Bank button begins the process. If applicants do not see their financial institution in later steps, then we recommend clicking on the Alternate Connection link on this screen.
- Upon clicking on the button, applicants will be directed to use MX, a financial tool that helps to safely secure financial accounts that the user has. If their banking institution is not supported by MX, the system will switch over to Plaid, another tool that supports additional banks and credit unions.
When clicking Get Started, applicants will have an array of banking options to search and choose from.
For example, the applicant selects USAA. Upon picking USAA and entering their account credentials, the applicant will choose the accounts (i.e. checking, savings) that they will be sharing on the application. Completing this step will return users to the Verifast flow, where Verifast will request to access the user's transaction history, account holder info, and account balances.
- After hitting connect and completing these steps for any additional income sources, applicants will click the continue button. Team members with permissions will be able to navigate to the application to view a curated screenshot of the Applicant’s banking history that will include average monthly Income, any detected Utility, Rent, or Pet Transactions, any Non-Sufficient Funds (NSFs), and more.
- Once Bank Verification is complete, the user will have the opportunity to share their Employment information and upload supporting Paystubs or Tax Documents. You can also collect Bank Statements in this next step if the applicant elected not or was unable to connect their bank account during their application.