miiCard Launches Single IDaaS Solution for Lenders to Eliminate Fraud, Mitigate Risk and Power Underwriting

LONDON, UNITED KINGDOM--(Marketwired - Apr 9, 2014) - Mondato Summit Europe, Level 39 -- Online identity proofing service miiCard today launched IDaaS for Lenders, a single solution that combines identity proofing, bureau data, real-time bank data, and strong authentication. The new solution can verify borrower identity to Know Your Customer (KYC) standards, reduce risk through Anti-Money Laundering (AML) checks, and instantly provide Certified Digital Bank Statements for real-time underwriting decisions that are more accurate than CRB data alone.

Hosted lending platform LendFusion is the first to streamline its new customer verification and underwriting with IDaaS for Lenders.

Today, lenders must fight a $21 billion annual identity theft problem while relying on scanned and submitted bank statements to approve loan applications. With miiCard's patented identity verification solution, banks, credit unions, peer-to-peer lenders, alternative lenders and more can eliminate identity-based fraud and reduce the time and expense of underwriting while improving the overall user experience.

"Lending is a complicated and high value transaction industry that is fraught with competitive, regulatory and fraud concerns," said Jurgen Valgepea, CEO of LendFusion. "miiCard's single solution combines trust, security and verified data so that LendFusion customers can underwrite higher value loans with less risk and eliminate fraud."

miiCard provides a seamless, real-time and purely online and customer-driven verification experience that establishes the borrower's identity to the same level as an in-person photo ID check, meeting all AML and KYC verification processes. miiCard also enables borrowers to instantly share Certified Digital Bank Statements with lenders to enable faster underwriting and purely online loan approvals.

Certified Digital Bank Statements are user-controlled components of a verified miiCard identity. Upon request, miiCard members can authorize financial institutions or professional service companies to access one of two different levels of information:

• A Bank Statement that includes full transaction details delivered for the last 30, 60 or 90 days;
• An Account Summary that includes account details such as number of transactions, total credits and debits, and closing balance.

This financial information can be used as proof of income or credit history to help lenders and financial services companies make better underwriting decisions, approve loan limits, or extend credit-based services -- all entirely online and provided with explicit consumer consent.

"miiCard's IDaaS for Lenders helps banks and others save time and money by making more precise risk assessments while ultimately empowering their customers," said miiCard CEO James Varga. "We are excited that LendFusion will integrate miiCard into its hosted solution and expand our reach to a wider range of consumer lending companies."

miiCard's Level of Assurance 3+ identity verification and authentication service leverages the authority and security inherent in a member's online financial accounts to prove identity to a passport or photo ID standard. The miiCard platform offers a wide range of features for lenders and other financial services companies, including identity proofing, personal data verification, financial transaction data and strong multi-factor authentication, available through simple APIs and hosted services.

For more information please register for the miiCard IDaaS for Lenders datasheet here.

About LendFusion

LendFusion is a hosted software platform that helps alternative lenders to manage the smooth running and expansion of their business. This software enables lenders a scalable platform developed with a combination of innovative technology, strong experience and an imaginative approach to lending online. LendFusion is the easiest-to-use and most efficient platform currently available in the UK.

About miiCard

miiCard is a consumer centric global online identity service (IDaaS) platform that establishes true trust online by guaranteeing an individual's identity to the level of an offline photo ID check, completely online and in just minutes. miiCard helps businesses eliminate fraud, reduce manual processing costs, and prevent high rates of dropout when offline identity checks are required. A member-driven service, based on the principles of Bring Your Own Identity, miiCard empowers consumers to proactively manage their digital identity, build trust online, and trade and transact with confidence. miiCard is available in ten countries and can verify over 350 million people today.