Source: GB Group
IntelliFlo - the UK's fastest growing provider of front/back-office solutions to financial intermediaries - has sealed an alliance with Know Your Customer technology specialist GB Group to transform customer ID verification from a pile of paperwork and lengthy delays into a couple of clicks online.
In response to growing demand for instant, integrated customer identity verification from its 4,600-strong customer base, IntelliFlo, voted 'Best Technology Software Provider' at this year's Professional Adviser Awards, has integrated GB Group's URU online identity checking service into its Intelligent Office system,.
Powered by GB Group's proprietary ID3 technology, URU is used by over 180 organisations in the UK, including four of the top five banks; intermediary trade bodies, including SIFA; and several major high street, retail and online gambling companies. The Financial Technology Research Centre highlighted URU as the most suitable and robust ID verification tool currently available, in their report on the subject.
20 financial service providers have recently signed up to the eIDV (electronic ID Verification) standard that IntellIFlo will use to be first to market with integration of the function into its flagship product. As Intelligent Office is entirely web-based, such changes can be introduced across-the-board, continuously, instantly and with no technical hurdles for the end user to cross. And as the only fully online product of its kind, its lead on its hardware-dependent rivals can only increase as the penetration and speed of internet access accelerates nationwide.
Nick Eatock, chief executive of IntelliFlo said: "This new alliance with GB Group further strengthens our award-winning Intelligent Office system. Users can now process ID verification for new and existing customers much more quickly and without having to put them through an obtrusive and unfriendly manual checking process - which is also fraught with obvious risk.
"The URU service also gives users an online audit trail, which is essential for meeting KYC compliance requirements."
Gary Grainger, head of fraud and money laundering prevention services for intermediaries at GB Group said: "Previously, users of Intelligent Office had to stop and perform a paper-based KYC check on all new customers. Now they can do this within seconds at the touch of a button, and benefit from everything that URU and straight through processing offers - maximum and rapid customer uptake, peace of mind through robust protection and accurate customer information that can be used for strategic marketing campaigns and product development."
Les Sharpe, Director of SIFA, commenting on how much simpler, quicker and efficient this will be for adviser firms using the system said "Compliance at the push of a button. How much easier can it be than one click which takes the existing client data from your client management system, uses it to verify their identity and provides an accepted output certificate along with your audit trail in a matter of seconds?"