Bradford & Bingley introduces electronic ID verification
05 July 2005 | 3047 views | 0
Bradford & Bingley has introduced electronic ID verification on direct savings account applications to save customers the cost and inconvenience of providing ID documents and also reduce its application processing costs
Bradford & Bingley is using CallML from credit reference agency Callcredit, an online service which uses a wide range of approved and independent data sources, including the Electoral Roll and a full credit database to confirm identities in seconds – 24 hours a day, 7 days a week.
Recognised by the FSA and JMLSG, CallML is helping a growing number of financial services companies to satisfy the 'Know Your Customer' requirements of anti-money laundering legislation.
Julie Heeson, manager of Bradford & Bingley's Direct Savings Unit, said: "Electronic ID verification is saving our customers the considerable hassle and cost of sending us passports and other approved documents by registered post. It's also saving us the cost of checking, storing and returning them safely to our customers. The net effect of using CallML is we have reduced the cost of processing every application by several pounds. Also, since introducing CallML, there has been an increase in applications for our savings products, which we partly attribute to the added convenience."
Before specifying CallML Bradford & Bingley evaluated three alternative solutions. "All three promised similar verification rates – around 95% - but we chose CallML because it represented the best value for money and Callcredit offered the best training and support package, including a completely free trial," explained Julie.
Callcredit's sales director Rick Biggs commented: "Verifying the identity of new customers with the confidence that your company has complied with all the requirements of money laundering legislation is a key concern for all financial services companies. Electronic verification is the way forward and CallML is a cost-effective, easy- to-implement solution that takes away all the worries."