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Electronic Customer Identity Verification
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What is Electronic Customer Identity Verification?
Veda's Identity Verification Suite was first released in 1996. It was developed closely with leading financial institutions to help satisfy their requirements for the Financial Transaction Reporting Act (FTRA) which aimed to address the industry's developing need to automate application processing and combat the rising cases of identity fraud.
Since its early conception, the product suite has evolved significantly to support our customers in complying with the more recent customer identification requirements under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act 2006) including Know Your Customer (KYC) obligations.
Business benefits
Our identity verification suite has formed an integral part of day-to-day business. It can assist you to process tens of thousands of applications daily, and it also has the capability to:
- Increase customer conversion rates
- Reduce online application dropout rates
- Significantly reduce fraud
- Provide clear evidence instantly to partners and regulators on the identity verifications processed
- Improve match rates as compared with alternative systems and providers.
How does it work?
Our Identity Verification Suite dissects your customer's identity and processes their individual attributes against our "reliable and independent"[1] data sources available for identity verification in Australia.
The output is a detailed assessment on your customer's identity and audit trail that can be directly integrated into your existing customer acquisition processes. This seamless integration facilitates Straight Through Processing (STP), irrespective of the channel.
Electronic customer identification enables you to:
- Comply with the AML/CTF Legislation
- Improve business process and customer satisfaction
- Facilitate the rapid acquisition of customers
- Provide a layer of protection to mitigate your risk against identity fraud and money laundering.
Information assets referenced
The suite provides access to data information sources covering:
- 97% of Australia's population between the ages of 18-65, and
- 100% coverage of all regulatory due diligence lists, e.g. International PEP and Sanctions Lists.
This provides you with a comprehensive summarised assessment on your customer's identity.
Which industries currently use the suite?
We have been selected to provide electronic identity verification services across a wide range of industries and product portfolios, including:
- Deposits
- Term Deposits
- Debit Cards
- Superannuation
- Foreign Exchange
- Share & Brokerage Services
- Credit Cards
- Personal Loans
- Home Loans
- Asset Finance and Leasing
- Telecommunications
- Utilities, and more.
What else should I know?
Using our electronic customer identity verification services helps you achieve the customer identity verification part of the AML/CTF legislation. In addition, you must also comply with other steps.
If you have questions about your legal obligations, you need to review the AML/CTF Act and Rules, and obtain independent legal advice.
If you have questions, or would like to talk to one of the team to discuss how our Identity Verification Suite could assist your business, enquire online or call 1300 921 621.
[1]This term is not defined by the AML/CTF Act or the Rules. Reporting entities need to consider what electronic data is reliable and independent based on its own risk based systems and controls.
For more information on our products and services designed to help you target customers, verify identity and assess risk and potential
Call our Specialists
1300 921 621
