Veriphy can perform money laundering checks, identity checks, credit checks, electronic property valuation checks and supply a copy of the title deeds. Previously, lenders and brokers would have been required to use several systems to attain all the information.
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Veriphy has been based on server technology, so does not require software to be installed in order to access the checks. Frequent users can have the system integrated into their company’s workflow.
Anti-money laundering regulations require companies to undertake identity checks on all individuals with whom they are establishing a relationship. Failure to do so is a criminal offence regardless of whether money-laundering has taken place. These regulations extend beyond the financial sector to industries such as recruitment and estate agents.
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George Stark, managing director of Veriphy, said: “The lending process has been prone to fraud, keying errors and a lot of data entry. Veriphy is more efficient; more secure and will have a real impact on a firm’s bottom line.
“Even more attractive is that everything is charged on a transactional basis. You only pay for what you use.”
Kim Bascombe, director at Mortgage Options, commented: “This is a good idea because it will save a load of hassle when doing money laundering checks and speed everything up.”
