To email a link for this page to a friend or colleague, fill in the details below, and click 'Send'.
New legislative requirements such as the Proceeds of Crime Act and the 3rd European Money Laundering Directive means that the industry is now awash with paper based identity checking procedures. Paper is costly to process and store, is easy to reproduce fraudulently and, most significantly in an industry where competition is intense, creates obstacles to a positive customer experience.
Banks today are challenged with finding more efficient ID verification processes to reduce the amount of paper that is processed, while allowing more “good” applicants to be accepted into the business.
In the UK, the market's leading online identity verificationservice is URU™. Powered by GB's innovative ID3 technology, URU is the only indentity verification service that has been specifically developed to identify and authenticate individual people electronically.Quite simply it is the only solution that recognises and can verify all elements of identity, not just address. Using ID3 technology's unique matching capabilities, it will even check common tokens of identity such as credit or debit cards, passports and utility bills. URU helps retail banks meet their compliance requirements and actively accepts more new customers while reducing exposure to fraudsters and money launderers.
To find out more how ID3 technology helps retail banks to remove paper from the account set-up process while improving customer experience significantly please click here.
"Using URU has significantly reduced our accountopening times - we reckon it has shaved morethan 15% off the time it takes a new customer toget up and running. We set an expectation thatusing URU would enable us to match around 85%of our customers. In fact, month on month we areseeing match rates between 86% and 91%."