Platform adds online ID facility

Platform has added an electronic identification facility to its online tool clickdecision.

Clickdecision will now automatically check the identity of mortgage applicants rather than relying on the cumbersome gathering of paper documentation by the intermediary or solicitor.

The Britannia subsidiary says this will put to an end lengthy documentary evidence procedures for brokers and their clients.

On an approved decision, if the ID is verified, no further information will be required. And in the event of the system being unable to verify the ID, an item will be added to the ‘shopping list’ notifying the broker what needs to be provided with the application.

Lenders are obliged under anti-money laundering regulations to obtain evidence about the identities and addresses of prospective mortgage holders and this system fulfils those obligations.

Platform says that since the launch of clickdecision in July, brokers have submitted nearly 40,000 cases online – around 600 a day – with nearly 80% of these being approved in seconds. New business volumes in the past three months have doubled compared with those received prior to the launch. And website traffic has boomed from 100 visitors a day to over 1,200.

Guy Batchelor, sales and marketing director at Platform, says: “Requiring intermediaries to obtain, copy, certify and post ID evidence such as passports is unnecessary now we can verify identity electronically via our new online facility.

“This will simplify the process of submitting applications and cut the time taken to process them.

“With the subject of electronic checking being raised in a recent working report from the Financial Services Authority, we believe such facilities will eventually become the norm.”