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An Australian fintech facilitator and regtech specialist has publicly launched a product to help bring ‘simple, efficient and inexpensive’ same-day identity verification for mortgages and property services transactions.
Max ID provides identity verification as a legal service to a range of businesses. It aims to solve the hurdles faced by financial institutions and non-bank mortgage lenders, including the requirement to conduct a face-to-face and in-person interview with the borrower to meet regulatory requirements.
The fintech suggests that requirement has created a conflict between delivering regulatory ‘safe harbour’ outcomes, great customer experience, timeliness and cost efficiency.
Fraser Todd, co-founder of Max ID said, “Current identity verification solutions in the market require mortgage customers to take time out of their busy working days to visit a bricks and mortar branch or wait for a courier driver or mortgage broker to sight and photograph identification documentation.
“These processes are often expensive and may add days to an approval process, not to mention the inconvenience experienced by the customer, particularly those in regional areas of Australia.
“Thousands of lawyers, conveyancers, settlement agents and a range of other participants across the property market in Australia are also faced with the same identity verification compliance hurdles as mortgage lenders and brokers.
“With the move to electronic settlements becoming mandatory in NSW and Victoria during 2019, the ability to conduct identity verification efficiently has never been more important.”
Max ID believes its patent-pending technology can service the identity verification needs of customers Australia-wide, assuming internet connectivity.
Verification of identity requests can be completed using a smartphone or tablet, with the assistance of a trusted person, such as a friend, colleague or neighbor, in as little as ten minutes.
The identity verification process meets the highest regulatory standards for property and mortgage transactions and at a cost significantly lower than current ‘safe harbour’ compliant alternatives.
Todd said, “Max ID’s VOI services can be easily integrated into a customer’s brand and technology eco-system providing a seamless, end-to-end identity verification solution. It is an enabler for businesses that understand the value of their brand and the importance of simple, convenient and efficient outcomes for their customers without compromising regulatory compliance.”
Andrew Chepul, director of Homestar Finance, who is using the Max ID service for mortgages said, “The Max ID solution fits perfectly within our business model. Not only does it fulfil the complex regulatory and legal requirements around lending practices, it also provides our customers with a great experience.”
