Introduction to Disposable Income Verification

Overview

Disposable Income Verification emerges as a digital solution to assess user financials swiftly and securely. By providing real-time access to transaction histories, it streamlines affordability evaluations, offering insights into regular income streams and both fixed and variable expenses. This real-time data, further enhanced with categorized income and expenditure, gives you a transparent view of a user's financial health. Consequently, you can negate manual intervention, driving faster, informed, and data-backed decisions.

Terminology used:

  1. Income/Expense stream: Transactions grouped under the same category like salary payments from a company called Acme, Inc.
  2. Regular expenses: Expenses that occur on a predictable schedule such as monthly rent payments.
  3. Variable expenses: Expenses that do not have a set schedule, e.g., occasional movie tickets.
  4. Disposable income: The amount of money remaining after regular expenses.
  5. Discretionary income: Amount available after deducting both regular and variable expenses.

How it works

You can find a Step-by-Step description in the next section.

Prerequisites

API Access & Authentication

The finX API is a restful API that is accessed using HTTP Basic Authentication with a Client ID as username and a Client Secret as password. Therefore each customer receives a Client ID and Client Secret from Qwist to access the finX API, which has a specific set of Scopes attached to it. Scopes define the usage rights of each Client ID on the finX platform.

If you want to get started with your dedicated credentials, please reach out to us!

Widget Integration

Disposable Income Verification can be accessed via the finX API, which is providing a Widget User Interface to guide the user through the account connection flow.

Before continuing with the implementation guide, please view our Widget Integration best practices.