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The Exchange Launches Electronic Identity Checking Service Provided by GB Group

The Exchange, provider of e-services to over 25,500 financial intermediaries, is now able to offer an electronic identity checking service for advisers using URU as the underlying application.

David Child, managing director, The Exchange explains: “Identity verification is an essential element of the customer registration process so we are delighted to be working with GB Group to offer our users this invaluable new service. By accurately verifying client details against a number of databases, intermediaries can be more confident than ever before that the individual is who they claim to be.

Alongside this peace of mind, using the electronic ID checking facility will also reduce the need for paper copies of forms, along with driving licences, passports or utility bills to be stored onsite or posted to providers - proving a time and money-saving resource for all. GB Group uses its advanced data matching technology to enable businesses to maximise the value of their customer data, and importantly has helped reduce the cost of compliance in financial institutions by as much as 70%.”

Rob Laurence, managing director, GB Group added: “We have been working very closely with The Exchange to ensure that the process for signing up new customers is exactly what advisers and intermediaries need. We are confident that the addition of URU into the Exweb portal will complement the straight-through processing of all new customer applications, reducing the costs of compliance for advisers and ensuring a much faster and more customer-friendly service for all.”