ID3® in the Electronic Money Market

GB Group's award winning identity verification technology, ID3®, helps card programme providers achieve a balance between robust compliance and instant customer registration.

The electronic money market currently faces the situation of

• huge growth potential for a market that is already worth $19 billion in the US
• over 760,000 immigrant workers in the UK
• migrants around the world send home £125 billion with an estimated £1 billion of that coming from immigrants and minority communities in Britain
• potential to tap into other lucrative markets such as gaming and adult entertainment

Recent legislative changes such as the Proceeds of Crime Act and the 3rd European Money Laundering Directive have
meant that any financial services organisation registered in the UK must not only be satisfied - but be able to prove - that it knows exactly WHO its customers are. To exploit the vast opportunities that e-money tools, such as prepaid cards offer, programme providers must be able to verify the identity of all new applicants.

ID3 technology can deliver significant benefits to prepaid card providers:

• ID3 technology enables clients to maximise revenue by reducing the amount of time and resource required to open a new account by as much as 90%. Its unique ability to include paper proofs of identity as part of the online identity verification process offers a vastly improved customer experience, leading to higher conversion rates.
• Our UK application, URU, has allowed clients to engage up to 50% more new customers, creating greater revenues and supporting long-term growth.
• ID3 technology applications are unique in that they offer transparent scoring –
  leading to more accurate match rates and, so, higher customer conversation rates.

"We have recently implemented our instant issue Mastercard across over 500 merchant stores in London and are seeing rapid take up – we wouldn’t be able to handle this volume of new applicants without the instant access and robust ID verification services from GB."

Vice President - International Card Operations, Chequepoint

To find out more about ID3 technology in the Elecronic Money Market please click here.