It will use the CallML system – developed by credit reference agency Callcredit – to electronically verify the identities of new customers.

The system eliminated the need to submit documentary evidence of identity such as passports and driving licences.

It can potentially confirm identities in seconds using a range of positive and negative information sources. Reports tell users exactly what checks were carried out, what the results of the checks were, and provide clear ‘pass’ or ‘refer’ decisions.

It addresses the recently revised guidelines produced by the Joint Money Laundering Steering Group which came into force last September.