Help for lending institutions to verify customers during COVID-19

InfoTrack today announces a complimentary care package for lending institutions aimed to help with onboarding new customers during COVID-19 by offering their remote verification of identity solution. With good news for borrowers as interest rate cuts remain on hold at 0.25pc, InfoTrack today announced a care package for lending institutions aimed to keep consumer loans moving forward using a web-based solution to verify customers remotely.

InfoTrack Australia CEO, John Ahern says “We are opening our doors to all financial lending institutions to help minimise the impact of social distancing and self-isolation on loan and refinancing applications, by offering complimentary, unlimited use of our online verification of identity solution during this challenging time.”

InfoTrack’s identity verification solution, WebVOI, is a secure, cloud-based technology that replicates the required verification processes between lender and borrower. It offers four layers of verification, including video, facial recognition and checks against Australian Government databases, and is an established, trusted solution already being used by lawyers to meet ARNECC’s VOI obligations.

Ahern reports that “The service originated in 2015 and has verified the identity of over 160,000 customers online. Since social distancing measures were put in place mid-March, we have seen a spike in transactions by 43% and plan for this to continue to rise.”

InfoTrack’s WebVOI is a secure, cloud-based solution that replicates the required verification processes between lender and borrower. It offers four layers of verification, with checks against Australian Government databases. Originally built for lawyers and conveyancers to VOI their clients in relation to conveyancing matters, InfoTrack’s General Manager, Products and Innovation, Lee Bailie says “The service has seen a spike in transactions by 43% since social distancing measures were put in place mid-March.”

InfoTrack is one of the largest legal-tech players in Australia servicing lawyers with automation of people, property and company processes. Mr Ahern adds “It makes sense to offer our support to lenders with meeting their identity verification obligations for customers, especially when property matters are so essential to the survival of our 8000 legal and conveyancing clients.”

The solution is available to eligible lenders and mortgage brokers or as a white label solution for larger institutions.