Member Article

North East tech aims to streamline lending

Property and financial transactions could be in for a big change thanks to a new online system developed by a North East based company. Veriphy is a common trading platform that can perform a money laundering check, identity check, credit check, electronic property valuation check and supply a copy of the title deeds in one pass through a simple to use interface.

George Stark, Managing Director of Veriphy, said: “The lending process has been prone to fraud, keying errors and a lot of data entry. Veriphy is more efficient; more secure and will have a real impact on a company’s bottom line. Even more attractive to our customers is that there are no installation fees or licensing costs to access the system. Everything is charged on a transactional basis. You only pay for what you use.”

Companies must undertake identity checks for all individuals with whom they are establishing a relationship as part of Anti-Money Laundering controls. Currently, failure to comply with any of the requirements of the Regulations constitutes a criminal offence, which is punishable by a maximum of two years imprisonment, or a fine or both.

For more information on Veriphy, visit www.veriphy.net.

This was posted in Bdaily's Members' News section by Ruth Mitchell .