e-ID is an enhanced credit search engine based on Equifax technology. Available via the specialist lender's intermediary website, MoneyPort, it reduces the need for paper-based client identification evidence required under 'Know Your Customer' rules.
Money Partners carried out a full-length test of the facility during August in which 6,000 e-ID searches were made. The success rate was over 70 per cent with virtually instantaneous ID verification being achieved in each case. Where unsuccessful, the system prompts the submitting intermediary to obtain physical proof of identity.
A full online training tool has been added to MoneyPort to assist intermediaries.
Richard Davis, IT director at Money Partners, said: "One of my key objectives is to make it easier for our brokers and packagers to do business with us. e-ID is the latest in a structured programme of IT initiatives designed to do just that. We're pleased with the results, and there's more to come."
