Returning customer Apply now
Licensed direct lender since 2002 · BC #50031 · AB #326997 · ON #47163001‑877‑432‑2274 · support@mrpayday.ca
Home/Blog
Security & privacy

How Instant Bank Verification (IBV) Works

Instant bank verification can help a lender verify account and transaction information electronically, reducing paperwork and manual uploads.

What IBV may verify

Depending on the provider and consent, it can confirm account ownership, income deposits and transaction history used in underwriting.

Read-only access

Many modern verification services are designed for read-only data access, but you should read the exact consent screen to understand permissions.

Protect credentials

Use the secure connection flow presented by the verification provider. Never email or text your banking password to a person.

Revoke and ask questions

If you are unsure how access works, ask which provider is used, what data is collected and whether or how permission can be revoked.

General information only. This article is educational and does not replace legal, credit or financial advice. Rules and product terms can change.

Related Mr. Payday resources