Tags: Callcredit, EuroDirect, MyCallcredit

Callcredit develops new verification product

New tool matches accounts to individuals and verifies issuing bank and branch

Callcredit has developed a verification tool that will allow organisations, for the first time, to link a bank account to an individual’s name in addition to verifying the bank issuing the account and identifying the branch where the account is held.

The service will be an invaluable tool to any organisation that wants to improve their ability to do an end to end sign up of a customer and in particular in the setting up of a direct debit. Previously, it was only possible to validate that a bank account number and sort code conformed to an algorithm provided by the issuer.

The new product, part of Callcredit’s Verifications Solution Suite, now allows the lender to enter the bank details of a customer, such as bank account and sort code, should the customer offer it. Combined with Callcredit’s anti-money laundering solutions, the new product provides an end to end verification check.

Graham Lund, Deputy Managing Director at Callcredit, comments:

“Many e-tailers and online financial service providers experience large return rates on direct debits, costing over £30 per returned transaction. Understandably the number of requests received from our clients for a comprehensive ID verification check, which can save them these costs, has risen.

Being able to link the bank account directly to the applicant for the first time also provides an additional impersonation check, using real-time data from trusted sources, strengthening our clients anti-money laundering processes.

Working with our recently acquired business Legatio* has allowed us to make this exciting improvement to our Verifications Suite”.

ENDS

*Legatio specialise in card and ID verification software

About Callcredit:

* Callcredit (www.callcredit.co.uk) is the UK’s most innovative, state-of-the art credit reference agency, with an extensive range of information and value added services for businesses and individuals.

* MyCallcredit is the is the consumer arm of credit reference agency Callcredit and provides consumers with online access to the details of their credit file at http://www.mycallcredit.com/

* Callcredit has harnessed state-of-the-art information technology with an unrivalled knowledge of the industry’s needs to develop a range of innovative information solutions. Solutions that are enabling major lenders and a host of other blue chip companies to address regulatory requirements, make better credit decisions, target new customers more effectively and manage existing customers more profitably.

* Callcredit forms part of the Skipton Information Group, and is one of five core businesses along with database management company EuroDirect, market analysis firm GMAP Consulting, online payment service provider, Legatio and DecisionMetrics, specialists in the development and implementation of scorecards and affordability assessment.

Sophie Smith

Senior Account Executive

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