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Self-service VOI tool launches for brokers

An Australian fintech has introduced a new self-service VOI product for the mortgages market.

Digital identity verification company OCR Labs has extended its software-as-a-service (SaaS) platform to launch the OCR Lab Self-Service VOI, a self-service verification of identification (VOI) product.

The contactless VOI solution designed for brokers and financial planners in Australia includes a guided VOI flow for customers, and provides them with the option to select multiple documents (such as a passport, driver’s licence, proof of age card, or Medicare card) to capture their identity and meet the broker’s compliance requirements. Customers can also capture additional documents such as utility bills and ID forms.

Customers can then take a selfie, which the platform uses to capture their face in real time and match it against their identification documents.

Once complete, brokers can review and submit the VOI via OCR Labs’ portal.

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The platform offers a pay-as-you-go pricing of $7.20 per VOI, with pricing plans designed to scale with mortgage broking businesses regardless of their size. The platform can support as little as three VOIs per month up into the millions.

It includes real-time fraud checks, with fraudulent attempts flagged and displayed in the system. In addition, the VOI technology has been designed to meet all the reasonable steps set out by the Australian Registrars’ National Electronic Conveyancing Council (ARNECC) – which is the body established to facilitate the implementation and ongoing management of the regulatory framework for electronic conveyancing of real property.

According to OCR Labs chief operating officer Ronnie Kessler, one of the key benefits of the VOI process – which reportedly takes 30 seconds – includes that it is a self-service, low-touch platform, and is accredited by the Australian government and used by banks.

He said the product was created during the coronavirus pandemic when meeting face to face was not possible.

Commenting on the tool, he said: “We’ve heard from our mortgage broking and financial planning network that the biggest barriers to fast and efficient verification of identity [have] been old clunky systems, plus time.

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“The industry has been crying out for change. From the old traditional paper legacy systems to slow processing systems to not being able to meet face-to-face, the verification of identity market was well and truly ready for a shake-up, and OCR Labs is doing just that with a trusted, and cost-effective solution.”

Mortgage Choice broker Leeanne Scott, who has used the tool, said that in the absence of being able to meet clients face to face, she was able to use it as a compliant service that met verification standards.

OCR Labs’ new tool has followed its partnership with digital lender 86 400 in February this year, under which the digital bank implemented a contactless VOI solution that can be completed from a smartphone. Applicants are guided to take a photo of their ID documents, check their data has been captured correctly and then take a selfie with “liveness detection” to confirm their identity.

Several lenders were forced to adopt remote verification of identification (VOI) processes in 2020 when the COVID-19 hit Australian shores. Some lenders signed partnership agreements to enable brokers to verify their clients’ ID remotely and store digital versions of documentation via apps and digital platforms.

Others brought in more temporary videoconferencing measures, while some kept face-to-face VOI but used “come-to-you” providers such as ZipID.

In August, OCR Labs was the first private company to be accredited as an identity provider under the Trusted Digital Identity Framework (TDIF).

[Related: DocuSign unveils digital ID verification partnership]

Self-service VOI tool launches for brokers
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Malavika Santhebennur

Malavika Santhebennur is the features editor on the mortgages titles at Momentum Media.

Before joining the team in 2019, Malavika held roles with Money Management and Benchmark Media. She has been writing about financial services for the past six years.

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