Manchester Building Society switches to online ID checking for fast application processing
Manchester Building Society is one of the latest regulated companies to discover the benefits of using CallML to electronically verify the identities of new customers.
Already in use by over 800 FSA regulated businesses across the UK, CallML is the electronic ID verification service developed by credit reference agency Callcredit.
CallML has enabled Manchester Building Society to save time and money on processing applications and has enhanced the account opening experience for customers by eliminating the cost and inconvenience of submitting documentary evidence of identity, such as passports and driving licences.
Chris Gee, Manchester Building Society's Finance Director said:
"We firstly had to consider the advantages that electronic ID checks could offer, when compared to the paper based method the Society had previously engaged. The team at Callcredit were helpful in this initial exercise, before we were even willing to test their CallML service.
Once we had decided to move to an electronic ID solution we piloted a number of services and found the Callcredit system to be the one that offered the best strategic fit for our business.
We now have the CallML service up and running which means our members are enjoying a simpler registration process whilst the Manchester is meeting its obligations under the latest money laundering regulations."
Specifically developed to help regulated businesses satisfy the ID verification requirements of the latest anti money laundering regulations, CallML fully addresses the recently revised guidelines produced by the Joint Money Laundering Steering Group (JMLSG), which came into force last September.
CallML confirms identities in seconds, 24 hours a day, 7 days a week, using a range of positive and negative information sources. Reports tell users exactly what checks were carried out, what the results of the checks were, and provide clear Pass or Refer decisions - all key requirements of the JMLSG guidelines.
Callcredit's Head of Sales for Verification Services, Sue Woods, said:
"Verifying the identity of new customers with the confidence that your company has complied with all the requirements of money laundering legislation is a key concern for all regulated companies. Electronic verification is the way forward and CallML is a cost-effective, easy-to-implement solution that takes away all the worries."
To help organisations estimate how much they could save by implementing CallML, Callcredit has developed a simple benefits calculator. More information about CallML and a copy of the benefits calculator can be obtained by calling the CallML sales team on 0113 2441555.