Introduction Guide. Verification made quick and easy with Veda IDMatrix TM

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1 Introduction Guide Verification made quick and easy with Veda IDMatrix TM

2 Inside this guide 01 Introduction 02 Process more customers in less time 03 Why use IDMatrix? 05 Next steps B

3 Electronic identity verification quick, accurate and easy The growth of online transactions is changing the way businesses operate. However, identity verification is still handled manually in many organisations, requiring a customer to go away and collect certified copies of identity documentation and to participate in face-to-face meetings, or possibly send copies of identification documents via mail. This process results in a paper trail that requires internal resources to manage, and this double handling of identity data can subject an organisation to potential fraud. Another issue for concern is the quality of the customer experience. A poor customer experience characterised by the collection of 100 points of ID can be the difference between converting a potential customer and losing them to a competitor. Veda s IDMatrix is an advanced electronic verification service that not only verifies customers identities, but can also include a thorough fraud assessment in just a few seconds. This electronic process removes the need for customers to provide identity documents or to be physically present to show such documents typically required for manual processing. This electronic process also comes with an integrated fraud component, whereby detailed fraud checks can be customised to meet your organisation s business and compliance needs. IDMatrix enables seamless, straight-through processing that vastly improves the user experience compared to manual verification, resulting in increased real-time customer conversions the goal of any business. Veda s IDMatrix can deliver better customerconversion rates due to our breadth and depth of data. This data is founded in intellectual property developed over the past 40 years to give you the complete picture in real-time, and helps support better confidence in identity matching. Veda holds more fit-for-purpose credit data than any other organisation in Australia and New Zealand, with information on 2.5 million companies and 1.7 million registered business names that are actively trading, and information on 19.4 million credit-active people. Introduction Guide Veda IDMatrix TM 01

4 Process more customers in less time Veda s IDMatrix quickly, accurately and electronically verifies identity details at the point of application whether that be online, face-to-face, in a retail setting, or through a call centre or back-office processing centre. In a matter of seconds, Veda s system will search through up to 22 independent database sources. This provides organisations of all sizes with the ability to immediately verify a customer s identity without relying on the sighting of paperwork and ID documents. Veda s IDMatrix helps businesses comply with strict verification obligations passed under the AML/CTF Act (Anti-Money Laundering and Counter-Terrorism Financing Act 2006), and can be used in online customer on-boarding or processing. IDMatrix includes identity scorecards that can be customised with your own business and compliance requirements, under a risk-based approach. By specifying which verification data is to be included, your business is in complete control of its customer verification processes. For additional peace of mind, IDMatrix also verifies personal identity information against the actual source of issue. 02

5 Why use IDMatrix? Through electronic identity verification, Veda s IDMatrix is transforming the way organisations acquire and on-board customers online. This improved approach saves businesses time and money, helps to meet compliance obligations, streamlines the customer experience, and reduces organisations exposure to fraud. Here s how. Maximises your customer conversion rates Customer conversion rates are maximised by using fast electronic verification processes in real-time. This approach means initial enquiries can quickly become customer transactions. Improves the online experience With IDMatrix an organisation can electronically satisfy its Know Your Customer requirements in seconds, be that online, via call centres, or face-toface, and without the need to sight documents. This enables seamless processing procedures, saving time and money. Provides a comprehensive fraud assessment By selecting IDMatrix, your organisation benefits from access to comprehensive fraud-assessment components, including the shared fraud database, politically exposed persons and sanctions screening list, velocity checks, phone verification, second factor authentication with PIN, and device intelligence. Your organisation can tailor these searches to include as many or as few components as required. Helps meet strict compliance requirements under the AML/ CTF legislation Many organisations have a legal requirement to perform an ID check, while others have adopted it as best practice. Veda s IDMatrix streamlines the process for businesses and customers by enabling this process in a matter of seconds while assisting in meeting obligations stipulated in the Act. Introduction Guide Veda IDMatrix TM 03

6 Provides much more than identity verification Veda s IDMatrix delivers access to a vast range of verification and fraud data, which means it offers much more than electronic identity verification. Identities can be cross-referenced and screened against up to 22 databases, providing a full and clear picture of who you re doing business with within seconds. Can be tailored to suit individual information requirements At Veda we understand that every organisation has its own compliance requirements. IDMatrix can support that with different scorecards for different channels or product offerings based on their own risk profile. Select your own delivery channel IDMatrix is designed to work across a range of delivery channels to suit your organisation s internal systems. You can choose to access IDMatrix online via the internet, or through XML to seamlessly integrate with your customer-acquisition software. Alternatively, you can choose a hybrid version, designed for both backand front-end customer-facing processes. Accessing the strength of Veda s data As an added advantage when using IDMatrix, organisations can access Veda s proprietary identity data also known as Credit Header Data, the largest and most comprehensive in Australia. The future is here Veda s IDMatrix gives you the competitive edge in customer acquisition by applying real-time verification to convert enquiries into customers faster, and more efficiently. Electronic identity verification is the future, and the future is here. Your organisation can benefit from an efficient, seamless alternative to manual processing and face-to-face verification processes, along with comprehensive fraud assessments across a range of components. Your organisation can benefit from IDMatrix. 04

7 Next steps Find out how Veda s IDMatrix can help your organisation and take this step towards better business efficiency. To find out more about signing up for Veda s leading electronic verification service, IDMatrix talk to a member of the Veda Fraud and Identity team today or call (select option 3) Mondays to Fridays, 8am - 5pm EST Introduction Guide Veda IDMatrix TM C

8 Applying Intelligence in ways that matter Veda s business is all about applied intelligence. We acquire and transform raw data into timely and relevant insights for businesses and consumers. For Veda, this entails a rigorous and continuous process of quality control, refinement and innovation. Veda is built on the largest, most comprehensive and current data source in Australia and New Zealand. The breadth and depth of our data, and the knowledge it delivers will help you take a proactive and informed approach to customer acquisition and credit risk. Veda Advantage Information Services & Solutions Ltd. No part of this document may be reproduced without the prior written permission of Veda Advantage Information Services and Solutions Ltd. This summary, the service described and related product collateral do not constitute legal or compliance advice. Organisations are encouraged to obtain independent legal advice. To find out more visit veda.com.au DEC 2012 PV1