Neobank and regtech join forces

by Madison Utley24 Dec 2019

Its partnership with a regtech has helped support the launch of neobank 86 400’s digital home loan offering.

The Max ID technology has been integrated into the offering, removing a pain point in the home loan process through providing mortgage identity verification services.

The partnership with Max ID means 86 400 accredited brokers can arrange ‘safe harbour’ compliant Verification of Identity (VOI) by initiating the VOI directly from an integration within Simpology’s Loanapp.

Travis Tyler, 86 400 chief product and marketing officer said, “The Max ID solution was a perfect fit for our mortgage offering as it can be used anywhere in Australia at any time. We were able to apply our company look and feel, and most importantly, the service meets the regulatory safe harbour requirements.”

Melissa Christy, 86 400 lending lead added, “Partnering with Max ID for verification of identity is a great solution for both brokers and customers. Our brokers benefit as we are removing a key pain point from the process, and our customers receive a fast and frictionless experience too. Unlike most banks, there is no need for applicants to visit the bank in person, or wait for a courier driver to complete identity verification.”

In an Australian-first, Max ID’s patent-pending technology means even when the broker is not meeting a customer in person, ‘safe harbour’ compliant VOI can be completed 24/7 and within minutes, anywhere in Australia, without inconveniencing the customer or requiring the mailing or virtual sending of sensitive identity documents.

Fraser Todd, co-Founder of Max ID said, “Max ID’s VOI services were easily integrated into 86 400’s brand and technology eco-system providing a seamless, end-to-end ‘safe harbour’ identity verification solution.

“Max ID is an enabler for businesses that understand the value of their brand and the importance of great customer experience, without compromising regulatory compliance.”

The regtech’s clients include some of Australia’s largest high-volume conveyancing firms, mortgage aggregators, bank and non-bank financial institutions.