Pre-paid card outfit IDT Finance to deploy GB KYC technology

Source: GB Group

Identity verification specialist, GB Group, has today cemented its position as the largest provider of Know Your Customer (KYC) technology to the UK prepaid card industry by announcing it has now secured the business of all of the UK's top prepaid card providers.

The Chester based PLC has announced the decision by IDT Finance - launching their brand new reloadable card, Prime - to use its ID3 anti-money laundering and fraud prevention technology.

The move follows the recent decisions by firstprepay, M-Cube, Altair, Chequepoint and Tuxedo Money Solutions, to sign up to GB Group's award-winning technology over the last few months - and comes as industry analysts predict prepaid card transactions will reach 2.3 billion by 2010 in the UK and Europe alone.

GB Group's ID3 identity verification technology is capable of confirming the identities of over 800 million individuals in 26 countries within seconds - for an industry like prepaid cards, this information is vital.

Jamie King, Director at IDT Finance, commented: "We take our responsibilities as a prepaid card issuer very seriously. ID3 helps us future-proof our strategy for growth, by offering a consistent and robust approach to KYC.

"We chose the application for our UK business because it's intuitive and user-friendly, it offers 24/7 availability - allowing us to sign up new customers quickly at any time of day or night - and an online audit trail.

Chris Henry, Head of Prepaid Cards Solutions at GB Group said: "This latest decision by IDT Finance to opt for our ID3 technology for their Prime Card drives home just how serious major prepaid card issuers are about stamping out fraud and money laundering - and protecting their relationships with customers.

"Using our technology, the Prime brand will benefit from fast straight-through processing - ensuring maximum customer uptake, peace of mind by protecting against fraud and money laundering and accurate customer information."

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