It will act as a hub for lenders to check out the full working history of a broker or brokerage before doing business with them.
The cloud-based platform consolidates data from multiple sources, including Finova generated, social media, web engagement data, the Financial Conduct Authority, and Companies House. The firm is planning to add information from Credit Safe and the Information Commissioner’s Office later in the year.
It can be used as a standalone product or integrated into a lender’s system via APIs. Finova said that 23 lenders have already begun using the platform for onboarding and case verification, marketing, risk and compliance, new business development and IT.
Key benefits of the platform include reducing the number of manual checks during the onboarding process, proactive panel management, better understanding of customer base, risk assessments, and improved data retention and quality.
Melanie Spencer, head of Finova payment and mortgage services, said: “Without effective data management, lenders are unable to gain necessary insights or perform required business tasks.
“Broker ID solves this and saves lenders time and money, giving lenders instant access to the data they need to make informed decisions with confidence.”