BTCJam Adds Bank Account & Credit Card Verification!

BTCJam continues to lead the way in global peer-to-peer lending! Today we are excited to announce a new and significant improvement to the BTCJam platform.

Introducing Banking Integration for Credit Scoring

BTCJam’s mission is to bring affordable credit to people all around the world while generating strong returns for investor’s portfolios. We have already facilitated close to USD $8 million in loans. At BTCJam, we keep pushing the envelope while bringing affordable and accessible products to people all over the world.

In order to further improve our industry leading credit-scoring algorithm, our hard working development team has integrated a unique feature that allows us to leverage data from a borrower’s actual financial transactions. Through this new function, BTCJam will be better at verifying good borrowers while detecting fraud and bad borrowers. This makes it possible for good borrowers to improve their credit score by connecting a bank account or a credit card from over 5000 financial institutions around the world.

MasterCard                          Visa

Our credit score will now include:

  • Verified Salary Payments
  • Credit Card Payments
  • Car Lease Payments
  • Mortgage and Rent Payments
  • and much more

We are convinced that this game changer will lead to lower default rates over time, thus, decreasing rates for good borrowers and enabling better returns for investors! We believe that this will have a monumental impact on the entire global lending industry.

Why connect my bank account or credit card?

Lending, especially without collateral, is almost solely based on trust. By connecting your bank account or credit card, you can significantly increase the confidence the investors have in you. It will show on your profile and your loan listing that you have verified your bank account with us. Connecting your bank accounts may lower your interest rates while at the same time creating stronger trust with investors; this will overall improve the speed at which your loans get funded.

Is it safe to connect my bank account?

BTCJam uses the best-in-class encryption services to make sure that all the data we access on your behalf is securely stored.

The financial institution credentials that you provide us are transmitted to one of our partners and are securely stored on their servers. For improved safety, we intentionally do not store any of your credit card or bank account credentials.

How do I connect my bank account?

Step 1: Go to Dashboard -> Credit Rating -> Financial Institution and click on Add Financial Institution.

Step 2: Select your country; select the type of account you want to connect. Then the financial institutions will appear. You can also search for your bank by typing it in the search box below.

Step 3: Now you provide your login and password to your bank. Don’t worry! We never store your login information on our servers.

After that we will import the information from your bank account and we will display “Bank Verified” on your profile. Congrats!

What if my country or bank is not listed?

We are constantly working on adding new banks into the mix. If your bank is not listed yet, please email us at support@btcjam.com with the exact name and country of your bank. We will try to accommodate these banks over time.

Thanks again for using the BTCJam platform. We’re very excited to have you here and hope you will take advantage of our latest improvements to get better returns and lower rates!


Your BTCJam Team

16 thoughts on “BTCJam Adds Bank Account & Credit Card Verification!

  1. It would be good if it works. I have 6 banks that i want verified and 5 of them are not working. 3 of mine also require a card reader which i think you have overseen. Get it fixed. Dominic Quick

    Like

      • Just to update. I have a Smile.co.uk account and a Co-operative bank account that i access with a card reader. It wont take my card reader details as they expire very quickly. Also the link on the verification page doesnt pop up for The Co-operative. Hence why ive only managed to submit my Halifax details which is one of many savings / ISA accounts.

        Like

    • I have emailed but it seems that emails go unanswered. Still waiting for my Income to be verified and submitted that last week.

      Like

  2. >”Step 3: Now you provide your login and password to your bank. Don’t worry! We never store your login information on our servers.”

    I am going to make sure that Canadian banks know of your scamming. This is against the terms of service of every bank. Bitcoiners are scum.

    Like

    • Hey Samuel,

      We understand your concerns and how the recent bank verification process can be confusing. The service we use is yodlee and it is not illegal. Here is their website: http://www.yodlee.com/. We consider privacy to be very important for our users. Yoelee has a very secure system in place and many companies use them as a verification resource.

      BTCJam Team

      Like

      • So, what’s the purpose of this new features, btcjam get info of user’s income and credit card payment so user’s identity is almost 100% sure.

        BUT, Bulgarian loan companies can get all that verification from their borrowers so they can verify with btcjam and use btcjam loans as collateral. Trust me, I’m living in Serbia, nearby country.

        Like

      • Hey Tozabb,

        Thank you for your comment. At BTCJam we are constantly exploring new ways to prevent bad borrowers and to increase the overall safety of our platform. Banking verification adds an extra layer of security, which increases trust in borrowers. In regards to your comment regarding “Bulgarian loan companies” we have received no complaints from our Bulgarian customers speaking of this. Could you elaborate on this? We are a bit confused on what you are asking.

        BTCJam Team

        Like

  3. I keep trying to verify my TD Bank account, but it’s stuck on “Still Processing”. It does the same with my Fidelity Cash Management and Stocks accounts. Then when I try my prepaid Rushcard it just gives me an error message.

    So, with Rushcard it won’t even try and with my actual bank accounts it’s stuck on “Still Processing… Please wait, this could take up to 30 seconds…” Well, it’s been 30 minutes and it’s the 6th day in a row I’ve tried this.

    Like

  4. I agree with Samuel Stringman. Giving the username and password of a bank account it’s against of TOS of every serious bank. Banks can close the account, when user violates the TOS. What you are asking is not reasonable. Also, card verification is redundant for users having verificated PayPal accounts.

    Like

Comments are closed.