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  • Mobile App workflow
  • Portal Overview
  • Source of Funds Risk Levels Configuration
  1. Service Information
  2. The Checks

Source of Funds

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Last updated 11 months ago

Our Source of Funds (SOF) feature allows you to collect and manage detailed information about the origin of funds from your customers for a transaction. This process is streamlined through mobile integration, allowing for a seamless experience. You can access and manage this information through the Verify portal and configure the SOF risk scoring levels according to your business's risk appetite.

Mobile App workflow

If you have a Source of Funds associated with an application, then the mobile customers should follow a short workflow:

  • 1) Provide the transaction amount

  • 2) Select the source of funds type

  • 3) Provide details and upload documentation

Step 1: Prompt to provide transaction amount

  • Request customers to provide details about the transaction amount through the Verify mobile app.

  • If the customer knows the transaction amount, they should enter it. However, if they are unsure about the transaction amount, they can still proceed to the next stage.

Step2: Select source types

  • Mobile customers select the most appropriate source type(s) for their specific transaction from the given list. Such as Income (Employment Income, Business Income, Rental Income), savings / ISA, gifts, and others.

  • Mobile customers can select one or more SOF types from the given list.

Step 3: Upload documentation

  • Mobile customers can upload documents to evidence each selected source type. This step is optional but recommended for thorough verification.

Portal Overview

Once your customer has provided the source of funds information via the mobile app, you can view the information on their record through the Verify Portal. The information is divided into three sections:

Section 1: Transaction overview

  • Total transaction amount: Displays the total transaction amount entered by the mobile customer.

  • Accumulative amounts: Shows the cumulative amount for each source of funds if there are multiple sources associated with the transaction.

Section 2: Source Types and Risk Levels

  • Source Types: Lists the types of sources selected by the mobile customer.

  • Risk Levels: Displays the risk level (low, medium, or high) for each source type along with the associated amount.

  • Review Status: Any source of funds type with a medium or high-risk level will be flagged for review, allowing you to investigate further based on your business risk appetite.

Section 3: Source of Funds Details

  • Details and Evidence: Provides a detailed view of the sources of funds and the types of evidence submitted by the customer.

  • Document Download: Allows you to download and review the submitted documentation to ensure it is appropriate and accurate for the declared source of funds. No electronic checks are performed against the SOF document submitted by the user

Source of Funds Risk Levels Configuration

You can also configure the Source of Funds as per your business requirements. This feature allows you to set risk levels and manage compliance effectively. For more information, please refer to the .

SOF risk-scoring levels
Mobile App Workflow for SOF
Portal overview