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Secure Trust Bank - customer verification

Background

Secure Trust Bank specialises in offering simple, transparent lending and banking solutions to UK consumers who may not be adequately served by other banks. Its core business is to provide retail banking services, including personal unsecured lending, motor finance, retail finance and current accounts. The company has been operating for more than 50 years, with a head office in Solihull, West Midlands.

Challenges

  • Secure Trust Bank required a tailored identity verification service for prospective customers applying for banking and lending solutions.
  • In particular, they required a software solution that would fulfil strict anti-money laundering (AML) regulations - a legislative requirement for the banking sector to protect both new and existing customers.
  • Checks needed to be carried out in real time, in order to reduce the costs and time associated with validating identity
  • High verification rates for genuine customers were vital, in order to retain Secure Trust's reputation as a simple, straightforward bank for customers to deal with.

The Solution 

Callcredit identified its CallValidate software as being the ideal solution for Secure Trust in helping them to meet the Joint Money Laundering Steering Group (JMLSG) anti-money laundering guidelines.

CallValidate provides the strongest identity and address verification check in the UK, enabling the simultaneous review of a range of databases and ensuring that identity is validated quickly and effectively.

The intelligent system processes Secure Trust Bank's customer applications and gives a confident pass / fail decision, using data drawn from UK records, including court judgements, insolvency data and the electoral register. The check is performed in real time.

Results 

The benefits that Secure Trust Bank realised included:

  • Identification of new customers in line with anti-money laundering requirements.
  • Increased confidence in pass / fail decisions.
  • An enhanced customer application process, maintaining Secure Trust Bank's reputation for simplicity.
  • The support of a dedicated client account team within Callcredit.

"There is nothing that should be more important to any bank than safeguarding customers by consistently applying the highest possible standards of vigilance and professional discipline to its operations.

"Callcredit are playing an important role in helping us to ensure that we meet our regulatory obligations, whilst retaining our reputation as a simple, straightforward bank for customers to deal with."

CEO, Secure Trust Bank

 

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