How it Works.

A network of financial institutions

Aligned to prevent and fight fraud in the Fintech industry

The financial institutions in the Neighborli network have come together and agreed upon basic tenets that will allow Neighborli to share data with banks within the network to prevent fraud.

Neighborli can offer multiple methods to mitigate fraud but the simplest solutions can be managed within each bank.  Each bank will use Neighborli to manage and maintain a list of former customers of the bank that have been tagged as “bad risk” customers where the bank no longer desires to have a relationship.  These accounts have been closed for a variety of reasons ranging from losses incurred to improper CIP verification.  Neighborli will share this list with other programs on that bank’s platform to ensure that programs using the same bank are made aware of these accounts that should not be opened.

In addition, Neighborli will work within the network of banks to share this information throughout the member network to notify other banks of these risky accounts. Neighborli will serve as a filter for all new accounts before or after they are opened as the banks will have various methods to tap into the Neighborli repository.  If accounts are already opened, the banks can close them after conducting a post account opening screening.  Ideally, though, the banks and their program managers will assess the account in the Neighborli database prior to opening.

If an account is declined or closed, Neighborli offers a full service FCRA channel where the consumer can challenge the determination to close or reject an account.