Ibancar provides financing to Spanish customers using their personal vehicles as collateral. Through a 100% online process, any customer can apply for a loan of up to €6,000 as long as they have a car to use as security for the credit. Borrowers receive the loan funds in their bank accounts in under two hours, reflecting Ibancar’s unique business model centered on speed and convenience.
Fraud: A daily concern for the financing sector
Alternative lenders like Ibancar must always keep fraud prevention at the top of their minds.
To understand the challenge of fraud, we need to look at the main advantage of Ibancar for customers — its speedy online application process and direct deposits of funds into their bank accounts.
“We’ve designed our process to be fast and straightforward. In just a short time, customers can have the money available in their bank accounts. This efficiency is what sets us apart.” — José Cristian, Global CTO of Ibancar
However, this benefit for borrowers also creates the challenge of verifying each customer’s identity and account ownership to ensure the funds go to the correct recipient without slowing down payouts. This is further complicated by Ibancar’s customer base, which includes underserved and unbanked individuals. A lot of them struggle to get loans from traditional banks due to insufficient income or being listed on delinquency registers like ASNEF.
Addressing the concern of fraud without impacting the availability of lending services to Ibancar’s customers required a streamlined solution for verifying customer identities.
Choosing Unnax for greater process integrity
Ibancar had an existing relationship with Unnax on other implementations, making the technology provider an easy choice for resolving their fraud and efficiency concerns.
“Fraud is a daily concern, especially in the financing sector. To address this, we implemented the Account Check solution in partnership with Unnax. This solution ensures that funds are delivered securely. It solves the problem of verifying that the money reaches the right customer. With Unnax, we’re confident about the integrity of our processes.” — José Cristian, Global CTO of Ibancar
Unnax offers both technological and regional expertise, making it an ideal choice for lenders operating in Spain. Partnering with Unnax once again could provide Ibancar with the tools and technologies necessary to improve both identity verification processes, overall lending efficiency, and the speed of payouts.
👉 Learn more about how to limit fraud and default rates in lending.
How Ibancar uses Unnax’s Account Check and Payouts solutions
Currently, Ibancar uses two Unnax solutions to address fraud prevention: Payouts and Account Check.
Account Check gives Ibancar the ability to validate customer identities by cross-checking their IDs with their bank account details. As an early adopter of Account Check, Ibancar could build a competitive advantage that benefitted its company and clients.
“Even as one of the first companies to adopt the Account Check solution, we found the setup simple and hassle-free. We’re very satisfied with the collaboration with Unnax. Their solutions have significantly improved our operations.” —José Cristian, Global CTO of Ibancar
The second Unnax product leveraged by Ibancar is the Payouts solution, which enables the lender to transfer funds to customers’ bank accounts in a matter of minutes.
👉 Read more: Account ownership verification: What is it, and why do you need it?
Improving the efficiency of fund transfers from hours to minutes
Through collaboration with Unnax, Ibancar has achieved remarkable results.
Combining the powers of Account Check and Payouts, Ibancar reduced the time needed to transfer funds to customers. Previously, the process took between 24 to 48 hours. Now, Ibancar customers can receive their funds less than five minutes after signing their contract.
“I would absolutely recommend Unnax to other companies. Their customer service is exceptional, and their solutions are efficient and reliable. The speed and quality of their services are outstanding.” — José Cristian, Global CTO of Ibancar
Upgrade your lending operations with Unnax
Unnax can improve the efficiency of your credit applications, fund transfers, and even your payment collection processes. Using Open Banking and Embedded Finance technologies, Unnax gives you the operational flexibility you need to thrive.
Book a Unnax demo today to get started.
