PRIMIS Mortgage Network has announced it is partnering with credit reporting agency, Experian.
The mortgage network suggested its partnership will supply advisers with an Electronic ID Verification System (EiDV), delivered via Experian’s Affordability Passport, designed to improve the customer due diligence process for brokers.
The EiDV check will verify a client’s identity for brokers by cross-referencing their personal information against information held in its databases, and the system will also use technology to assist brokers in meeting requirements for Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) legislations.
PRIMIS indicated that the EiDV check will do this by verifying clients’ names and addresses while carrying out Politically Exposed Persons (PEPs) and sanctions screening.
The system will be fully integrated with PRIMIS’ customer relationship management (CRM) system, Toolbox, removing the need to scan or copy documents, or request customers to send them in the post.
“Technology is a hugely important part of the mortgage market, and at PRIMIS we are committed to driving its development to ensure that more brokers can reap its benefits,” PRIMIS chief operating officer, Toni Smith, commented.
“Partnering with Experian is a logical next step for us as we look to support more of our AR firms with the digital tools that can help them in their work with clients, particularly when it comes to customer due diligence, which can be a challenging and time-consuming process.
“By simplifying and streamlining this element of the advice process, Experian’s EiDV tool will give advisers more time to dedicate to their clients, and we are confident that the new system will be extremely valuable to our broker community going forwards, particularly as many continue to work remotely during the COVID-19 crisis.”
Experian managing director of data services, Lisa Fretwell, added: “We’ve seen signs of a road to recovery for the mortgage market in the last month, with applications for mortgages back at levels we saw before the lockdown.
“We are excited to be partnering with PRIMIS, helping to respond to this growing demand in the market. By using Experian technology and data, we can streamline processes and help improve engagement with customers.”
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