Novia launches biometric verification for client documentation

biometric-secure-verification
  • Author : Novia Financial
  • Date : 9 Jul 2020

Novia is today pleased to announce a partnership with award winning technology firm Credas to launch secure biometric verification on client documents.  This technology, used to verify that a document truly belongs to the person making the transaction, is new to the wrap platform industry but has proven successful in other sectors and offers an additional layer of protection again stolen identification.

Credas, who are market leaders in identity verification solutions, support businesses across multiple markets in their compliance and due diligence processes.  Offering real-time ID document scanning and chip reading, combined with identity and facial recognition technology – the business provides a simple, quick and secure solution to regulated markets that require an identity verification solution. Through the use of a single API – Credas can easily integrate with existing systems, reducing the time and cost associated with complex, manual processes.Subject to adviser consent, Novia clients who have historically required copies of ID and bank statements to verify their identity will be invited to take a ‘selfie’ by the software on a smart device, followed by taking a picture of a photographic identity document.  The technology, which works by calculating distances between key features on the face, will compare both facial images to verify identity and check the integrity of the corroborative document.

Nick Raine Operations Director at Novia said:

“Novia Financial verification measures that have served the business and our clients well over the last twelve years have been tested under lockdown.  Our Adviser base has needed to adapt the operation of their businesses to meet remote working requirements.  The cornerstone of how we operate is the safeguarding of client money and assets and we are delighted to further enhance our offering with the adoption of secure biometric verification.”

Raine continued:

“Privacy is important to us all and technology such as this can be perceived as intrusive, so existing methods will still be available to those who do not wish to engage with it.  We are hoping the convenience and ease of use is received well by both the adviser community and our mutual clients, to allow us to adopt an integrated implementation in the near future.”

Rhys Daivid, CEO at Credas, said:

“We are delighted to provide this entirely remote solution to Novia,and are pleased that our technology can help ensure they are verifying their clients documents securely and accurately. Its great to be working with a business who are invested in using technology to improve their business processes and customer experience too.”

For further information please contact:
Pippa Russell
Head of Corporate Communications
Novia
07740 933 120

Notes to editors:

Novia Financial plc launched to market in October 2008 to provide a comprehensive wealth management service or ‘full wrap platform’ for investment Advisers and their clients and now has approximately £7bn worth of assets under administration. Novia provides a transparent pricing structure as well as access to a wide range of product wrappers, an all-encompassing suite of portfolio management tools, and access to an extensive range of investments including direct equities, traditional authorised funds both onshore and offshore, exchange traded products such as ETFs and ETCs, Structured Products and an integral Cash Facility.

The core operating system is provided by Australian-based GBST that has been developing software solutions for fund administration and financial services since 1996, and for wrap solutions since 1999. GBST include more than 60 of the world’s leading banks, stockbrokers and fund managers on its systems. The comprehensive suite of portfolio management tools is powered by Financial Express that also provides the data for the platform.

The Novia team, based in Bath, is led by Bill Vasilieff – joint cofounder of Selestia. Novia, as an independent proposition, has substantial financial backing from a combination of private individuals and corporate organisations. The board is chaired by Sir Anthony Cleaver (former Chairman and Chief Executive of IBM in the UK). Other members include John Beaumont, non executive, who has held a number of non executive roles in major public organisations and several technology startups, David Royds (non executive and investor), Bill Vasilieff, Novia’s CEO, and Paul Parry, Novia’s CFO. Novia Financial plc is authorised and regulated by the Financial Conduct Authority (Reg. No. 481600).

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