In march this years ‘Verify by Tiller’ became the first Customer Onboarding Solution to receive accreditation from the ICAEW.
This was a great achievement for Tiller Technologies who only launched this SaaS solution in October of last year.
Last month co-founders Jonathan Wauton & Ian Cadby presented a webinar to ICAEW members which posed the question: How well do you actually know your clients? The webinar was extremely well received and the feedback showed a real interest in digital solution that serve the accounting industry and they particularly enjoyed hearing about how the technology works to provide regulatory grade checks.
This month the ICAEW have chosen to promote the on-demand version of the webinar to members who missed out on the live session. The following article was published in their PractiseWise Newsletter which went out to 20,000 of its subscribed members last week in which Verify is described as a ‘Win Win solution
Here is the article in full:
How Well do You Really Know Your Clients?
Even though many of us would like to think that we have a thorough knowledge of who our clients are, there are still many areas of vulnerability in the client due diligence process. Does technology afford us the opportunity to handle some of this process more effectively and efficiently? We posed this question to Tiller Technologies, an ICAEW Accredited partner, in a recent thought-provoking webinar.
In the previous ten years, there has been a significant transformation in the professional services industry. Because of growing regulations, escalating competition, and shifting customer expectations, we have had to change how we conduct business and how we deliver customer support. With 4.5 million users of Quickbooks and 2 million of Xero, the adoption of digital accounting solutions has skyrocketed. There is no questioning the direction the sector is heading in with regards to digital solutions. One wonders what the next big change will be.
According to Tiller Technologies, thorough identity verification is key. Know Your Customer procedures have, up until now, relied on manual methods and fallible human judgement to recognise and verify the legality and authenticity of documents. When you consider the possible far-reaching effects of inaccuracies, as well as the resource required to obtain, verify, and record this information, it becomes obvious that a digital solution for KYC is the next logical step.
Using cutting-edge technologies ‘Verify by Tiller’ simplifies, while exponentially increasing the rigour of this process.
1) Clients submit their KYC documentation remotely using a simple smartphone app and smartphone camera.
2) identification documents undergo an automated verification comparing them to official examples of documentation including passports, licences and government identification cards from over 150 different countries.
3) OCR technology ensures the image provided has not been tampered with and is not fraudulent, ensuring the accuracy and dependability of the data.
4) Touching the smartphone to documents with inbuilt NFC chips allows the phone to read this chip and perform even more extensive checks. Many countries have chosen NFC chips as the industry standard for identifying individuals on official documents.
5) Address verification is undertaken, replacing paper utility bills, with a multi-layered search of regulatory-quality databases such as utility providers, credit bureaus, government sources, as well as using geolocation data to verify addresses at the point of origin.
6) You have access to a simple, user-friendly web portal and dashboard that lets you easily monitor the progress and results of your client checks.
It is that simple and this process takes minutes as opposed to days to obtain results.
The benefits to the practitioner are obvious, improved operational performance in a time when staffing resource are under unprecedented pressure, the highest level of regulatory compliance, and easily accessible real time reporting. This system also meets the needs and expectations of the client, who due to their desire for convenience and time savings have already embraced digital transformation in their daily lives. This service’s implementation gives a win-win result for all parties involved and enhances the general client experience. To find out more about Verify by Tiller you can book a demo via their website: www.tiller-verify.com