Launching myOCR.ai

We’ve been working on myOCR.ai for sometime now in anticipation of the 1033 “Open Banking” rule from the Consumer Financial Protection Bureau or CFPB.

This ruling effectively makes it legal to have individual consumers to share their banking information freely. If the 1033 ruling is adopted, the popularity and connectivity of open banking is effectively open for business just like adoption in the European Union.

Otherwise, we are back to the good old fight between banks such as JPMorgan and most famously Capital One against Plaid and Yodlee of the world. 

Either way, we are prepared for both outcomes, myOCR.ai product will either peggy back off of the surging popularity of 1033 Open Banking or take place in a scenario where more banking statement scan is necessary moving forward.

At LendAPI, partnership is super important, we have been diligently working with one of our Open Banking Cashflow Analytics partners to private label myOCR.ai and to build a streamlined process between bank statement scanning into cashflow analytics scores and attributes lenders and banks still need to underwrite their customers.

We can’t wait to see what type of products we can create with our critical partners. More news to be unveiled there.

LendAPI Partner Podcast

We are working on new episodes and we can’t wait for you to hear it. For now, please enjoy one of the older episodes from Kurt Weiss, Global VP of Products at Mastercard Identity. 

LendAPI Partner Podcast with Kurt Weiss, Global VP of Products at Mastercard Identity

Identity verification and fraud detection is the first step in launching new products whether you are bank, fintech or e-commerce entities. Come and hear some of the craziest stories from Mastercard Identity. Kurt Weiss has been a long time friend of LendAPI and he’s fraud detection are on point. 

LendAPI Academy

We are constantly improving how banks and fintechs are launching new products. Recently, we’ve been finding that ecommerce companies are also launching Affirm replacements. To aid in their effort, we’ve launched embedded financing functionalities within our Product Studio. As soon as you build the product, you can embed the newly constructed product within your Shopify platform. Watch these LendAPI Academy videos to see how simple it is to build your own embedded products.

LendAPI Academy - Product Studio Series - Five Episodes

We will have new academy videos coming after our next platform release. We have new features, new guides coming your way to show you how easy to build products, rules and models in your future

LendAPI FinTech Marketplace

We’ve finally launched LendAPI FinTech 250! 

We want to thank our ever-growing FinTech Marketplace. We truly can’t help our common clients without true collaboration. In the coming weeks, we want to highlight partners we’ve been working closely in the past year and give them special shoutouts for a job well done! 

If you would like to join our Marketplace, please get with Tim, send us a DM or email us at info@lendapi.com You can also click on Join Marketplace on our marketplace page. We would love to talk to you and learn more about what we can do together to serve the greater community.

LendAPI Platform Release Notes - myOCR.ai

A few weeks ago, we launched Doc AI, this new embedded solution will be a key part of our LendAPI overall offering when it comes to scanning documents as part of the onboarding process. 

A lot of our partners have reached out to us and want to partner up with this new tool. Especially our Open Banking and Cashflow Analytics partners. As 1033 Open Banking rule falters within the CFPB, the demand for document scan is surging and cashflow analytics firms still need to help banks and lenders to calculate credit worthiness etc.

As the FinTech super highway, we are listening to our partners and this past week we launched Doc AI as an independent product called myOCR.ai. This platform can also be privately labeled to pair with any Open Banking or Cashflow Analytics tools.

This platform will scan any 1099, W2 and/or Paystub and translate that into JSON or XML format to be consumed by Open Banking or Cashflow Analytics tools and continue to offer attributes, scores calculated from scanned information just like how they are transmitted traditionally.      

myOCR.ai - Introduction

This tool is derived from LendAPI’s Doc AI feature. myOCR has a graphical user interface for folks to scan documents in my simply uploading documents or drag documents into the uploader functionality.

There are two modes in myOCR when it comes to scanning documents, there’s the instantaneously single page scan and there’s an asynchronous multiple page scan. 

Both of these modes are available for different purposes. Sometimes a single document is enough for lenders to give it a quick nod to the application. For other financial products, the lenders might require the applicant to upload multiple pages documents, or upload multiple months worth of bank statements.

Sometimes these bank statements also span multiple pages for account holders with a lot of banking activities. 

myOCR.ai - Documentation Categories

Currently, myOCR can handle W2, 1099 and Paystubs (even paystubs with four squares). We believe these documents are the most critical ones that a bank or lender needs to get through initial automated underwriting.

myOCR can scan all parts of the bank statement including the document header section where it can read in name, address, phone number and other identifying information. This can be used to compare to other first party and third party data to triangulate identity.

Within the bank statement, we can scan through various transaction categories, beginning and ending balances. This information can be fed into other systems or it can be fed into LendAPI’s Rules Engine to execute additional rules to perform transactional calculations.

We will continue to work with our clients and applicants to incorporate other documents to be scanned in. We’ve already heard it loud and clear that our clients need Driver Licenses and Passports to be scanned in, we are working on those.

myOCR.ai - Private Label

LendAPI is the backbone of fintech infrastructure from product management to decisioning technology. Our new OCR technology will also be the backbone of our ecosystem infrastructure.

LendAPI is also a private label powerhouse, all of our tools are microservice oriented with private label architecture. If you want to adopt myOCR as part of your offering, please reach out to us. All aspects of myOCR.ai’s functionality is enabled with APIs and endpoints to seamlessly integrate into your platform.

myOCR.ai - Integration with LendAPI

myOCR.ai is tightly integrated with the rest of the LendAPI’s platform. Any information extracted from the bank statements and payroll document can be fed into LendAPI’s Rules Engine, Pricing Engine, Customer Communication Portals for further decisioning and communication. 

Most importantly, the document upload function within our Product Studio will have a right hand control switch to turn on Doc AI or myOCR. This will enable automated and seamless scanning of uploaded documents in real time without having to engage another third party.

myOCR.ai - It’s free to use

Yes, you read that correctly, but there’s no free lunch. You have to be a subscriber to our Scale Plan, if you want to use myOCR independently, please visit myOCR.ai for more information, or contact anyone at LendAPI, we will have competitive pricing waiting for you at any volume level.  

What’s Next?

We are working on another independent AI tool called TinyRules.ai (not live just yet). We want to make business rule execution even easier to use and manage. We can’t say much about this new product just yet as we are still putting the finishing touches, but we think you will love it.   

We are also working on something extremely exciting to us, It’s called LendAPI Open Platform, LendAPI API Engine as well as App Runtime Engine. We are a few minutes away from making LendAPI a truly open platform where developers can build applications on top of our platform. Stay tuned. If you want to be first to deploy your code and work on fraud detection, identity verification, or credit underwriting models, please connect with us. You can monetize your apps on top of our LendAPI App Runtime Engine.

The future is already here.

About LendAPI

Follow us on Linkedin, X, YouTube, and check out our Decision Engine, Product Studio, Underwrite AI, Doc AI and Agent Dashboard as well myOCR.ai. Check out more content at LendAPI Academy, Podcast, and our Weekly Newsletter with our Marketplace Slack Community.