The facility integrates Experian’s Authenticate Plus system of electronic identification verification with its e-trading platform via the SPML website.
Under money-laundering legislation, lenders are required to identify all applicants. This system fulfils this obligation, and in addition, saves intermediaries from collating paper documentation manually. The facility enables the e-trading platform to be used to check the identity of borrowers online, thus electronically streamlining the application process.
The ID verification facility will be free of charge to all intermediaries registered with the E-Trading Platform.
Roger Taylor, director of sales at SPML, commented: “A key component of our service proposition is speed and to this end, technology is a valuable asset in working towards a consistent, swift and seamless product delivery. SPML has already taken advantage of the benefits that technological capacities can offer such as Automatic Valuation Models, and this electronic identification capability marks another progression in our integrated online offering.
“We continue to work to develop our on-line resources and technological capacities in order to offer a bespoke service to our intermediaries. This new facility evidences SPML’s efforts towards further technological advancement through the e-trading platform, and a commitment to update products as the market demands. ”
