Nivo has launched a service for lenders and brokers running biometric ID verification and anti-money laundering checks, to flag when a face or document have been seen elsewhere.
The service will show when, by which other organisations, under which name and mobile number, and provide access to the selfie video, ID documents and checks results from that earlier application.
The service was launched as part of a wider conversation around how lenders can share know your customer (KYC) and application information, to strengthen checks and drive efficiency.
Nivo said the short-term lending market was particularly impacted by rising fraud, with completions exceeding £1.5bn in Q4 2023, and the fast paced nature of these loans making for increased vulnerability to fraudsters.
Nivo is currently talking with industry organisations such as the BDLA, and has plans to launch a working group.
Matthew Elliott, CCO of Nivo, said: “Since day one we’ve built our system as a network, with technology and legal architectures in place to allow for this type of sharing.
“We’re trying to drive out all of the wasted time and effort that lenders and brokers go through by repeating things, and sharing information over email, phone, and post; so it’s great to launch this industry first and there is so much potential for where we take it next.”
Nivo said it was keen to understand the interest and specific needs of bridging lenders and brokers on this theme, and encourages people to get in touch to discuss how we can lead this initiative out and develop it in the industry.
There will also be webinars coming over summer to show the new features, get feedback, and discuss how to keep continually improving it, the first one being held August 14th at 2pm GMT.
