Finastra and Halcyon team up for a streamlined process in the authorization of 8821 tax transcripts and income verification.
Halcyon's 8821 Integration Streamlines Income Verification for Finastra's Mortgagebot Customers
Finastra, a global leader in financial services software, has announced a new integration with Halcyon, a leading provider of digital income and tax verification solutions. The integration of Halcyon's 8821 product into Finastra's Mortgagebot solution aims to simplify income verification through automation and secure data access.
The integration brings several benefits to financial institutions. It streamlines the retrieval and management of tax transcript data for income verification, thereby providing a faster and more secure process. This integration automates what was previously manual, directly embedding into Mortgagebot workflows which reduces processing time and minimizes errors.
As a result, it enhances borrower satisfaction and improves operational efficiency by simplifying income verification checks. The integration eliminates the need for borrowers to manually upload documents, making the process smoother and more convenient.
The Halcyon 8821 product supports various use cases, including mortgage, personal, and business lending. The solution retrieves verified income data directly from the IRS through automated processes, ensuring secure tax data retrieval.
Lenders can collect borrower authorization for IRS tax transcripts via a streamlined digital experience, eliminating manual steps and reducing processing time. The integration also offers flexible borrower onboarding and real-time authorization tracking.
Kirk Donaldson, CEO of Halcyon, stated that the integration aims to simplify income verification through automation and secure data access. He added that it would help accelerate time to close and improve the overall lending process.
Mary Kay Theriault, Finastra's Senior Director, Product Management, stated that the integration helps financial institutions verify income quickly and compliantly while delivering a seamless digital experience. She emphasized that it would help reduce manual steps in the lending process, thereby improving efficiency and accuracy.
The Halcyon 8821 integration is now available to Finastra’s Mortgagebot customers across North America. This integration is expected to help accelerate time to close and bring efficiency and compliance to the lending process, reducing friction and accelerating time to close. The integration provides a faster, more secure alternative to traditional verification methods, making it a valuable addition to Finastra's Mortgagebot solution.
- The Halcyon 8821 integration within Finastra's Mortgagebot streamlines income verification for various business lending scenarios, ensuring a faster and more secure process while maintaining regulatory compliance.
- By automating income verification checks, this integration eliminates the need for manual documentation, improving operational efficiency, and enhancing technology solutions in the finance sector.
