Mortgage and insurance network Stonebridge has launched RevolutionID, new functionality including ID and address-verification technology and a number of additional upgrades to its trading platform, Revolution.
The network believes the introduction of the RevolutionID verification system, developed and launched in partnership with Experian, will save hundreds of administration hours every month for its member firms and improve compliance.
The RevolutionID verification service allows users to validate the identification of their client and receive a ‘pass/referral/rejection’ response immediately along with additional customer insight.
The system returns a full ID and address verification report to the adviser and is a key part of the process for Stonebridge AR firms and advisers. Revolution ID has completed its pilot phase and is now being rolled-out to all Stonebridge AR firms.
Stonebridge has also updated and redesigned both its introducer and client portals available through Revolution.
Tim Merrey, director of Revolution, said: “One of the key focuses for us as a network is to ensure our AR firms and advisers have a system which is top of the class when it comes to technology, functionality, and usefulness.
“We are particularly pleased to be rolling-out our new RevolutionID system, in partnership with Experian. Not only will it help firms counter potential ID fraud and give them full confidence about the clients they are dealing with, but it can seriously reduce the time spent on a task which historically has sometimes taken many hours to secure a satisfactory outcome.
“The feedback we’ve received from firms taking part in the pilot phase of RevolutionID has been incredibly positive, and we believe this will be another excellent service addition for all our advisers.
“The upgrades and redesigns to both our introducer and client portals are particularly useful to an advisory profession, who may feel unease about the increase in robo advice and the utilisation of technology by lenders, particularly when it comes to product transfer and execution-only business.
“The introduce portal allows firms to fully interact with their introducers in order to show them the status of the leads they have fed in. Plus, they can also use the client portal to not only provide full transparency on their mortgages and policies, but as a means to communicate and secure information directly, cutting down on the need for large amounts of administration.
“There is much more to come from Revolution and, having added considerably to the number of developers working on the system, we believe it continues to deliver significant value, and we are looking forward to rolling out a number of new benefits and opportunities via the system.”