The Exchange Launches Electronic Identity Checking Service Provided By GB Group
The Exchange, provider of e-services to over 25,500 financial intermediaries, has today announced the launch of an electronic identity checking service, in partnership with identity management specialists, GB Group.
The ‘URU™’ ID checking solution, jointly developed by GB Group and BT, is now integrated with The Exchange’s Exweb portal to allow users to cross check personal client details against a range of population data sources* - including Electoral Roll and financial data supplied through Callcredit, telephone and address data, deceased and ‘gone away’ files.
The service will also uniquely confirm the authenticity of common proofs of identity such as a passport or utility bill. Advisers will then be provided with an instant pass or fail result, based on scoring defined specifically for the adviser market and in full compliance with Joint Money Laundering Steering Group (JMLSG) requirements. The new service will ensure that the process of confirming an individual’s identity is faster, more robust and far more efficient than traditional, manual checks.
David Child, managing director, The Exchange explains:
“Identity verification is an essential element of the customer registration process so we are delighted to be working with GB Group to offer our users this invaluable new service. By accurately verifying client details against a number of databases, intermediaries can be more confident than ever before that the individual is who they claim to be. Alongside this peace of mind, using the electronic ID checking facility will also reduce the need for paper copies of forms, along with driving licences, passports or utility bills to be stored onsite or posted to providers - proving a time and money-saving resource for all.”
GB Group uses its advanced data matching technology to enable businesses to maximise the value of their customer data, and importantly has helped reduce the cost of compliance in financial institutions by as much as 70%.
Its identity verification and management products and services are underpinned by its unique ID3 matching technology, which powers ID verification solutions that can confirm the identity of more than 800 million citizens world-wide. In the UK, the URU application is already used by over 200 organisations including high street names such as HBOS, Lloyds TSB, The RBS Group, O2, DSGi, HiFX and Chequepoint, William Hill, Betfair and PartyGaming.
Rob Laurence, managing director, GB Group added:
“We have been working very closely with The Exchange to ensure that the process for signing up new customers is exactly what advisers and intermediaries need. We are confident that the addition of URU into the Exweb portal will complement the straight-through processing of all new customer applications, reducing the costs of compliance for advisers and ensuring a much faster and more customer-friendly service for all.”
*There will be a small charge for using the electronic identity checking service