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How Smile API helps lenders comply with PH regulations via user-authorized, recent, and verified employment data

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Within the financial sector, government rules and regulations tend to be strict. These laws protect both BSFIs and clients to keep the Philippine financial industry engine running.
As part of the FinTech industry, Smile API helps lenders be compliant with PH government regulations such as the Anti-Money Laundering Act (AMLA), Know-Your-Customer (KYC), and the Data Privacy Act of 2012.

First, we believe that compliance should not be tedious

Loan applications may be time-consuming, tedious, and inconvenient for both the consumer and the lender side. The number of documents requested from borrowers would rather have them borrow money from their relatives, though this is not feasible in the long run.
Going to and from banks can also be a hassle for employees. Aside from this, requesting paperwork from the HR department and government offices can also take time out of their daily schedules. All these concerns from borrowers' are valid, but lenders also face problems processing the verification of such documents given the need to double-check (or even triple-check!) the borrower’s Certificate of Employment, their pay slip, and even their IDs.
Lenders must verify multiple clients daily, from their identities to employment data assessment. Otherwise, they would have a possible credit risk if they fail to confirm if these borrowers are fully capable of meeting their obligations after the contract.
With this, lenders would agree that they are most affected by the tediousness of loan application processing. The longer it would take for them to assess applications, the fewer loan originations they can get. Without the right resources, they could be at a more significant disadvantage. With Smile API, lenders can avoid these problems with one click.

Our one-click employment and identity verification API allows you to be compliant with efficiency in mind

With just one user-authorized click, Smile API can give lenders access to the borrower’s verified and most recent employment data. Through Smile API, lenders can save time and verify borrower income data for faster loan approvals. This, in turn, can help lenders process more applications in one day (or even in seconds!) compared to the limited number they process without Smile.
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Our service ensures lenders’ compliance with PH regulations

Data Privacy Act of 2012

Smile API only processes user-authenticated data. In this way, the users can control which institutions they will share their employment data with. In fact, Smile API only serves as a “bridge” between borrowers and lenders and it does not see the data uploaded by users.

Anti-Money Laundering Act

Smile API provides data straight from government and employment sources, like SSS, BIR, GSIS, and multiple HR systems. We allow banks, lending companies, and other financial institutions to verify users' source of funds in compliance with the Anti-Money Laundering Act.

KYC (Know-Your-Customer)

The Know-Your-Customer (KYC) process is an essential part of loan origination. By providing identity data directly from the source, it will be easier for lenders to confirm that their applicants are legitimate and real.

Smile API is a “compliance-ready” bridge between lenders and borrowers

Smile API's goal has always been to offer an alternative solution to a never-ending problem, and we want to do this right. Complying with laws is just an essential requirement, but we know that it's important, more so in this case, because personal data is sensitive.
Using our API can give you access to all of these:
  • Real-time access to employment data for faster loan application processing,
  • Verified employment and income data directly from the source (i.e., Government databases, HR Systems, gig economy platforms, etc.),
  • Easy API Integration,
  • Most recent/up-to-date employment data from users,
  • Comprehensive data from identity to employment;
  • and User-authorized data sharing.
Smile API can help you bring your platform to the next level with the necessary compliance in mind. Book a call with us for a personalized demo or contact for more information.
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