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Pantheon Financial employs IFA's e-verification system for AML compliance

07 June 2006  |  3011 views  |  0 Source: Pantheon Financial Group

Pantheon Financial Group has discovered the benefits of electronic identity verfication.

The Leeds-based IFA is using Callcredit's online service CallML throughout its national office network to check client identities in compliance with anti-money laundering legislation.

Using CallML has enabled Pantheon to eliminate the time-consuming and costly process of manually checking and securely handling personal documents such as driving licences and passports, and the inconvenience it causes to clients.

Duncan Read, Pantheon's managing director commented: "Checks are carried out everyday on new clients. CallML completes the process in seconds rather than days and has led to a significant reduction in our overall ID verification costs. There is a substantial cost saving in the processing through both man-hours and reduction in direct expenditure such as recorded delivery costs. Client feedback has been extremely positive as has the cooperation of the financial institutions we transact with."

CallML is an online ID verification system that has been specially developed to meet the requirements of anti-money laundering legislation. It 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.

Offering ease of access and flexible, volume-based pricing, CallML is proving extremely popular with financial services companies as well as organisations such as lawyers, accountants, estate agents and insurance companies.

To help organisations estimate how much they could save by implementing CallML, Callcredit has developed a simple benefits calculator.

The calculator allows organisations to input various details such as the number of document checks they make, how much they cost, the verification rate they achieve and the cost of lost customers. Standard cost and performance figures for CallML are provided, enabling a direct cost/benefit comparison to be made.

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