Online identity verification service provider miiCard today announced the appointment of former Director of Group Technology at RBS, Stephen Brannan, as Chairman and former Managing Director of Personal and Retail Finance at Lloyds TSB Asset Finance, Tim Bullock, as Non Executive Director.
The two senior figures from the world of banking have joined the company to spearhead its drive for widespread adoption of the online identity verification service in the financial services industry and beyond.
The appointments follow a period of sustained growth for the Edinburgh based company as demand to prove real identities online continues to build. In May miiCard secured £1.6 million from a mix of angel and venture capital investment groups to support the company's expansion into the US and accelerate the growth and adoption of its "digital passport" amongst businesses and consumers.
The inability to easily authenticate a user's identity online has long been a significant barrier to trade with between 70% and 90% of all online financial transactions terminated when the customer is required to provide physical proof of identity.
Stephen Brannan has vast experience of banking technology having formerly been Director of Group Technology at RBS and more recently Director of Separation Business Services responsible for executing the division of the RBS portion from ABN AMRO. Stephen also holds a range of advisory roles for Napier University and Par Equity.
Stephen Brannan says: "miiCard is a unique solution to the growing problem of online identity verification, allowing individuals and organisations to prove instantly that "I am who I say I am". miiCard effectively acts as an online passport. We've used open standard tools to build the product set, making it easy for online financial service providers to adopt miiCard as part of their own service. I see miiCard as an 'integrator of trust and transparency' online, which are highly valued commodities right now."
Tim Bullock is co-founder of New Wave Ventures LLP, with over 33 years of experience in banking and finance. Following six years in specialist business finance with Barclays, Tim established Lombard Bank as a leading innovator in marketing and processing techniques. During 14 years as a Managing Director with Lloyds, he led his business through a period of rapid growth to become the most profitable in its sector. Tim has also been involved in executing a number of successful mergers, acquisitions and restructurings.
Tim Bullock says: "Facilitating secure online transactions is a key issue for the financial services industry. It follows that there has to be a reliable process for online identity verification, not only for financial services, but also for other activities such as online trading, dating, social networking and commercial dealing. I have a clear idea of where miiCard fits into the mix and it has a great chance of being hugely successful. I believe it is a critical element for the development of all forms of transacting securely online."
miiCard is the first global platform for accurate, real time online identity verification compliant with Anti-Money Laundering and Know Your Customer standards, replacing the need for a physical ID check. Vendors accepting miiCard as proof of identity online stand to benefit from increased conversions, reduced time and cost of execution and additional fraud and identity theft protection.
miiCard's CEO James Varga said: "Banking and financial services are both hugely important markets for miiCard and, with these two new appointments to our board, we're signalling our intention to become a major player on the global stage. The collective experience and industry knowledge that Stephen and Tim bring to the table will be invaluable in helping to make miiCard the world's most trusted online identity verification service. We're delighted to welcome them both to the team."