Decipher has a connection to a large number of banks in order to view bank analysis information. The bank connection is read-only for prospects who are applying for financing. Please see below for common questions.
How does it work?
At the point of application or at any point in the lending process, clients are able to connect their accounts by clicking on the "Connect Bank Account" button within their application. This takes them off their application momentarily and directs them to a page with many Banks listed. They can click on their Bank or search for the name. Once they find their bank, they click on it and it takes them to the login button for their bank. They enter their username and password and will immediately connect. This is the username and password that they always use to access their account. They will receive a message indicating success. That's it! This window will close and they will be back in their application to continue the process.
Option to Select Bank Account for Deposits
Once a client has connected their bank, a list of accounts tied to their username and password will show in a drop-down. The client can select which account they wish to use for deposits. Lenders can change this at any time, provided they have the privileges to do so in Decipher. Each time a deposit account selection is changed, Decipher will record the individual that made the change and the date and time that the change occurred.
How long does it take for the banking information to appear in Decipher?
It takes just a few moments to display the bank analysis once connected.
Do I have to Evaluate a client in order to see bank account information?
No. Bank account connections happen in minutes and the analysis will be displayed immediately and the ability to view the data has nothing to do with clicking anywhere in Decipher or evaluating a client.
Why does Bank Identity appear blank?
In some cases, when a bank account is connected it may display all information but the identity may be not available be made available by that bank to be viewed.
What Banks does Decipher connect with?
Decipher connects via a bank partner. The connection includes roughly 11,500 banks, most banks and credit unions in the U.S. are included. Many banks in Canada and in other countries are also included. If you'd like a complete list, please email Support.
Bank Account Numbers
Bank Account numbers are displayed for the bank accounts connected but are not fully visible to all users. For security purposes, you will see a lock button beside the account number and depending on your privileges in Decipher, if you click the lock you will be able to see account numbers.
Does Decipher save the usernames and passwords for bank account connections?
No. Decipher does not save any usernames or passwords. Applicants are entering their credentials directly through their banks. The information is retrieved Read-Only and analysis is provided to lenders and borrowers alike.
Privacy & Security
Decipher's bank partner ensures the highest level of security and privacy. It is used by most common apps consumers use on a daily basis to authorize many transactions and payments. Please reach out to support if you would like further information.
What does the Banking connection process look like for applicants?
Step 1: Click to connect your bank.
Step 2: As soon as the client clicks on Connect it will display the connection. It will also provide security and privacy information, letting clients know the connection is secure and encrypted and their credentials are not accessible.
Step 3: The client will be prompted to "Select your bank" and they can scroll through the list or Search for their Bank's name.
Step 4: Clients Allow data sharing.
Step 5: Clients Enter their credentials (username and password). These are the credentials they usually use to log into their bank account.
Step 6: Client Receives Success Message. They must click CONTINUE for the connection to be properly established!! This is a crucial step to complete the connection.
Step 7: After clicking Continue, the client will be reverted back to their Credit portal and will see a successful connection message.
🎉 Success! Lenders will receive automated notifications when a bank account is connected and analysis is ready. Please reach out to chat support if you have any questions about your bank notifications.