A new online system for property and financial transactions has been developed in the North East.
Veriphy is a common trading platform that can perform a money laundering check, identity check, credit check, electronic property valuation check and supply a copy of the title deeds in one pass through an interface.
The firm claims that up until now, a lender or broker would need to key the same application details into several separate systems to perform these checks, wasting time and money.
Managing director George Stark says: “The lending process has been prone to fraud, keying errors and a lot of data entry. Veriphy is more efficient; more secure and will have a real impact on a company’s bottom line.”
He adds: “Even more attractive to our customers is that there are no installation fees or licensing costs to access the system. Everything is charged on a transactional basis. You only pay for what you use.”
Veriphy is based on server technology so there is no need to install software in order to access the suite of checks.