IDMatrix

Law change allows credit reporting information to be used for identity verification

Changes to the Anti-Money Laundering and Counter-Terrorism Financing Act, and the Privacy Act, allow the use and disclosure of credit reporting information for the purpose of identity verification. The Australian Banking & Finance Law Bulletin recently published an article from Veda's Head of Legal and Compliance, Olga Ganopolsky, discussing the changes and their implications. Click here to read the full article.

Get your customer relationships off to a great start, instantly

The growth of online transactions is changing the way businesses operate - and how your customers interact with your business. Staying competitive means meeting your customer's expectations. In an online environment that means a quick, easy and streamlined experience. Applying for a product or service online shouldn't mean manually printing a form and taking it to a bank or post office for identification. And if it does your customers will go elsewhere.

Your customers want a streamlined, instantaneous experience.  In most cases when you apply for an account online you first need to complete the form and then take it into a branch or Australia Post for an identity check. Not surprisingly typically only half of your potential customers complete the application process - a significant lost opportunity for your business.

IDMatrix is an advanced electronic verification service that can help you identify your customers online using a range of databases. Your new customers account can be ready to use in minutes, without having to physically show documents at a branch of post office - helping get your customer relationships off to a great start, instantly!

Veda's Electronic Identity Verification service is transforming the way organisations verify the identities of potential customers online.

• Reduce manual processes or physical verification
• Real-time application approvals
• Improved online brand experience
• Helps identify potential fraud
• Reduced time and costs associated with paperwork processing/storage
• Satisfy strict compliance requirements for reporting entities under the AML/CTF legislation

Downloads

• Whitepaper: Electronic Verification - The new benchmark for customer identity.
• IDMatrix Introduction Guide