The partnership supplies advisers with Experian's Electronic ID Verification System.
PRIMIS Mortgage Network has partnered with Experian in order to supply advisers with the provider's Electronic ID Verification System (EiDV) delivered via Experian's Affordability Passport.
The system is designed to improve the customer due diligence process for brokers, aiming to give brokers more time to focus on their clients' needs.
The EiDV check verifies a client’s identity for brokers by cross-referencing their personal information against information held in its databases and will uses technology to assist brokers in meeting requirements for Anti Money Laundering (AML) and Combating the Financing of Terrorism (CFT) legislations.
The EiDV check does this by verifying clients’ names and addresses while carrying out Politically Exposed Persons (PEPs) and sanctions screening.
The system will be fully integrated with PRIMIS’ customer relationship management system, Toolbox, removing the need to scan or copy documents, or request customers to send them in the post.
It will be available to brokers via Toolbox 24/7.
In cases where the EiDV check is used, customers will be informed of this either verbally or by email.
Toni Smith, chief operating officer at PRIMIS, said:“Technology is a hugely important part of the mortgage market, and at PRIMIS we are committed to driving its development to ensure that more brokers can reap its benefits.
"Partnering with Experian is a logical next step for us as we look to support more of our AR firms with the digital tools that can help them in their work with clients, particularly when it comes to customer due diligence, which can be a challenging and time-consuming process.
“By simplifying and streamlining this element of the advice process, Experian’s EiDV tool will give advisers more time to dedicate to their clients, and we are confident that the new system will be extremely valuable to our broker community going forwards, particularly as many continue to work remotely during the COVID-19 crisis.” Lisa Fretwell, managing director of Data Services at Experian, added:“We’ve seen signs of a road to recovery for the mortgage market in the last month, with applications for mortgages back at levels we saw before the lockdown.
"We are excited to be partnering with PRIMIS, helping to respond to this growing demand in the market. By using Experian technology and data, we can streamline processes and help improve engagement with customers.”
