Your IndustryJul 11 2016

Identity app created to streamline data processes

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Identity app created to streamline data processes

An anti-money laundering specialist has launched an app which aims to help advisers cut down on their paperwork and reduce the risk of errors.

Created by Professional Office, the app – called Valid ID – has been designed to streamline certain processes, such as tax bills, bank statements and pay slips.

It works by taking digital scans of documents, using these scans to perform identification checks on the client, and by populating the necessary fields for the adviser.

Chris Clare, director of Professional Office, said the new app was designed so intermediaries no longer have to take a “rainforest of paperwork” from the client, with all the risks that entails.

The app, which has been three years in the making, stores information securely in the adviser’s own Valid ID account.

“Security is one of the most important objectives that we deal with and it is undoubtedly our biggest priority.”

Mr Clare added: “Protecting the adviser and client data is our number one concern.”

Once downloaded, the Valid ID app can also be used to gather other documents, which advisers are likely to require when going through a range of investment processes.

These include, for example, bank and mortgage statements, tax returns, letters from HM Revenue & Customs, council tax bills, and employer and solicitor letters.

Blair Cann, senior partner at M Thurlow & Co, said he would want to see a demonstration of the app before considering using it.

“I’m unsure how it would work with bank statements and solicitors letters.

“Yes there is a lot of paperwork for us to get through, but how will the app affect the client infomation form, the suitability report, the risk assessment questionnaire, and the fund fact sheets, which form the bulk of an adviser’s paperwork?”

katherine.denham@ft.com