Financial Insights API & Bank Verification Enhancements

This guide covers the latest updates to our API, including enhancements to bank account verification and the introduction of new endpoints for retrieving linked transactions, financial scores, and OCR-processed data. These improvements aim to streamline verification processes, expand account type support, and ensure better performance and error handling.

1. Bank Account Verification Enhancements

We’ve made several improvements to the bank account verification process to ensure more accurate, faster verifications, including expanded support for additional account types.

Key Improvements:

• Verify the Endpoint: The bank account verification (commercial and consumer) endpoint now returns more accurate results based on input criteria such as business name, address, and others.
• Performance Testing: We’ve ensured that the response time meets performance standards for faster processing.
• Error Handling: The system now properly handles edge cases, such as no results found or invalid input.
• Data Validation: The format and structure of the returned data have been validated against the expected schema.

2. New API Endpoints

The new API endpoints allow you to retrieve linked transactions, financial scores, and OCR-processed data. Additionally, we have expanded the support for bank account verifications.

Feature: Bank Account Verifications

• Purpose: Verify bank account information to ensure the accuracy of bank details, critical for credit and financial processes.
• Endpoint: Link to the endpoint here (commercial and consumer)

3. Verification Scenarios

Below are scenarios for handling successful and failed bank account verification requests:

Scenario 1: Successful Bank Account Verification

• Given: A user sends a request to the Bank Account Verification API with valid bank account details (account number, account holder name, and bank branch).
• When: The API processes the request.
• Then: The system sends the request for validation.
• Result: A success response is returned with verified bank account details if the information is correct.

Scenario 2: Failed Bank Account Verification (Invalid Bank Account)

• Given: A user sends a request with an invalid bank account number.
• When: The API processes the request.
• Then: The request is forwarded for validation.
• Result: A failure response is returned, indicating that the bank account number is invalid.

Scenario 3: Missing Required Fields in API Request

• Given: A user sends a request with missing required fields, such as account number or bank branch code.
• When: The API processes the request.
• Then: An error response is returned indicating that required fields are missing.

Scenario 4: API Service Unavailable (Downtime)

• Given: A user sends a request, but the TransUnion service is down or unreachable.
• When: The API processes the request.
• Then: A service unavailable response is returned, and retry mechanisms or failure handling are triggered to ensure proper error management.

4. Accessing API Documentation

For more details on how to implement these new features and handle various scenarios, you can access the full API documentation here.

Need Assistance? If you encounter any issues or have questions about implementing the new API improvements, feel free to contact our support team.