finova launches Broker ID platform

• Broker ID launched to reduce the time and costs of broker onboarding and due diligence for lenders
• The platform consolidates data from multiple sources, including FCA and Companies House, and presents it all in one place
• Plans are in place to add further data sources to the platform
• 23 Lenders are already realising the benefits of Broker ID

The UK’s largest cloud-based mortgage and savings technology provider, finova, today announces the launch of Broker ID – a data management platform designed to save lenders’ time and money with broker onboarding and due diligence processes.

Broker ID collects information from multiple data sources, including the FCA, Companies House and finova generated, and stores it all in a trusted centralised location which is accessible to all users. This removes manual, often time-consuming, sourcing tasks from lenders’ to-do lists.

The platform is cloud-based, and can be used as a standalone product or integrated into the lender’s system via APIs. It is already in use across various departments  – including Onboarding and Case Verification, Marketing, Risk and Compliance, New Business Development and IT – at 23 lenders.  

Key benefits of the platform include reducing the number of manual checks, simplifying and streamlining the onboarding process, proactive panel management, better understanding of customer base, risk assessments, and improved data retention and quality.

For a comprehensive overview of a broker’s compliance and history, Broker ID gathers information from:

• FCA – data is obtained on authorisation, including regarding business controllers, networks, and relationships between firms and individuals
• Companies House – information  aids understanding of relevant intermediary businesses
• Social Media and Web Data –  engagement insights gained from company websites and social channels
• FCA Individual Persons – detailed individual data and approval status provided

The platform is due to expand later this year to include Credit Safe, to help lenders conduct thorough due diligence, and the Information Commissioner’s Office to support GDPR compliance.

Melanie Spencer, Head of finova Payment and Mortgage Services, comments:

“Without effective data management, lenders are unable to gain necessary insights or perform required business tasks. Broker ID solves this, and is a single source of truth lenders can rely on. The platform saves lenders both time and money through a holistic approach which streamlines business processes and gives users instant access to the data they need. Whether it be during the onboarding process or when conducting a risk assessment, lenders can make informed decisions with confidence.”