Financial digital passport unveiled

miiCard has teamed up with Callcredit to launch a financial digital passport.

The miiCard (My Internet Identity Card) is an online identity service, the aim of which is to make it easier for consumers and companies to open a new savings account or credit card online, removing the need for paper-based id checks.

Callcredit’s identity verification software, which contains data on millions of UK consumers, gives an extra layer of protection that ensures the service meets anti-money laundering and fraud regulations.

James Varga, chief executive at miiCard, says: "In a digital economy where there is a 70 to 90 per cent drop out rate when selling financial products online as soon as the process goes offline, removing the drivers’ licence, passport and utility bill checks is critical. Creating this level of trust online will not only change the face of financial services but anywhere you need to know who you’re dealing with."

"At this time of year, many consumers will be looking to get their finances in order for 2012 by taking advantage of competitive online banking offers,” comments Graham Lund, managing director at Callcredit. “As a recognised leader in identity verification and fraud prevention, we have been working closely with miiCard to make it easier for customers to complete the sign-up process without compromising compliance with regulations or fraud rates. The new service provides a consumer-focused solution that combines the latest cutting edge technology with the widest range of robust data sources. Today represents a shift in the way consumers and companies will view identity verification in the future.”

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