e4 International’s Virtual ID solution has gone live in Australia for use by HashChing – an Australian website linking consumers directly to verified mortgage brokers. HashChing was named as one of the 50 emerging stars in the 2016 Fintech Innovators top 100 fintech companies across the globe.
HashChing has successfully built the first fully-digital process for home loan verification in Australia, allowing lenders to comply with strict regulations for identifying clients. The digital process, which allows for client identification via a camera on a computer or mobile phone, is currently being piloted with 150 HashChing brokers who are each linked to every major Australian lender.
HashChing, with the assistance of e4 International, designed the application which will make facial recognition software available to the public. Using a Skype-like video call, the identity of an applicant can be verified virtually. It will include the ability to scan the applicant’s face along with the picture on their ID document or passport. An algorithm then reads both faces before the broker is provided with a prediction of correct identity.
In addition to being fully compliant with stringent KYC regulatory standards, the application also helps reduce the costs involved in establishing identity while also improving customer service by decreasing delays between loan inquiry and settlement.
The system also maintains a record of digital interviews between consumers and brokers on Hashching's servers for seven years, allowing brokers to present a digital file to the Australian Securities and Investments Commission should there be an audit or a case of fraud.
e4 International’s involvement in the HashChing project reaffirms its international offering and sound track record around identity and e-conveyancing for banks, law firms and governments. Stuart Hosford, e4’s managing director in Australia further added that e4's fees for use of the virtual service are around one-third of what banks and brokers currently pay for verification checks in person. e4 International is a subsidiary of local company e4 Strategic, a leading technology provider in the fintech space to financial institutions in South Africa.
For more information, please see the article on the Australian Financial Review website: http://www.afr.com/technology/hashching-creates-virtual-id-system-for-first-fullydigital-loan-approvals-20161122-gsvby1