12 October 2005
Platform launches Electronic ID on clickdecision
- ends the need for documentary evidence for up to 8 out of 10
applicants
Platform, the intermediary lender of Britannia Building
Society has made a significant enhancement to its online decision
tool ‘clickdecision’ with the addition of an
Electronic Identification facility, signalling an end to
lengthy documentary evidence procedures for many intermediaries and
their customers.
Through clickdecision, the system will now automatically
check the identity of the mortgage applicants,
rather than relying on the cumbersome gathering of hard copy
documentation by the intermediary or solicitor. On an approved
decision, if the ID is verified, no further information will be
required and in the rare event of the system being unable to verify
the ID, an item will be added to the ‘Shopping List’ notifying the
intermediary what needs to be provided with the application. All
lenders are obliged by Anti-Money Laundering regulations to obtain
evidence of the personal identity and address of prospective
mortgage holders and this new system meets these obligations.
Since the launch of clickdecision in July, intermediaries have
submitted nearly 40,000 decisions online (around 600 a day) with
nearly 80% of these being approved within seconds by Platform.
Subsequently, new business volumes in the last three months have
increased dramatically and are double those received prior to the
launch of clickdecision. Also, website traffic has increased from
100 visitors a day to well over 1200.
Guy Batchelor, Sales & Marketing Director, Platform,
commented;
“Requiring intermediaries to obtain, copy, certify and post ID
evidence such as passports, imposes a burden on our clients and
their customers, a burden which is unnecessary now that we can
verify identity electronically, via Platform’s new E-ID facility.
This facility will drastically simplify the process of submitting
mortgage applications to us for intermediaries and will undoubtedly
reduce the time it takes to process applications. With the subject
of electronic checking being raised in a recent working report from
the Financial Services Authority (FSA), we believe such facilities
will eventually become the norm. To introduce this along with
binding decisions, cascade underwriting and an easy to use system,
clickdecision remains the most complete online decision system in
the specialist sector.”
“Over three months ago we launched clickdecision and in that
short period of time, it has revolutionised our business. Along
with help from improved products and a strong brand presence, we
have experienced tremendous growth across all our major product
areas (Buy to Let, Self-Certification and Non-Conforming). Our next
challenge is to maintain this growth and continue to offer cutting
edge online solutions along with competitive products that
intermediaries now expect from us.”
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