UTB launches automatic ID verification sharing with bridging solicitors providing dual representation

By Bridging Loan Directory 29th April 2020

United Trust Bank has launched another industry first which saves its bridging customers time and inconvenience.

Earlier this year, UTB introduced facial recognition ID verification via the UTB Nivo app. Now, by working closely with Nivo Solutions and its dual representation solicitors, Lightfoots LLP and JMW Solicitors LLP, the ID verification information can be automatically shared with the customer’s chosen dual representing solicitors. Until now customers had to meet face to face with solicitors or with another appointed agent to prove their identity.

This enhancement saves all parties time and inconvenience and enables UTB to continue progressing and completing bridging loans despite the constraints of the social distancing rules currently in place due to the Covid-19 outbreak.

Using the UTB Nivo App, the customer’s ID is verified using facial recognition AI, developed by Onfido, to compare an applicant to their Passport, Driving License or National ID Card. UTB has a well-established relationship with Nivo who also provide a wide range of FinTech services such as e-signatures, secure messaging and open banking.

Gavin Diamond, pictured, Commercial Director – Bridging, United Trust Bank, commented:

“The introduction of the Nivo ID verification service for bridging loans has made the process quicker and easier for customers and their brokers. This latest enhancement enables the borrower to pass a single ID verification check to satisfy requirements for both the lender and solicitor. Not only will this save even more of our customers time and hassle but it also enables transactions to go ahead despite the coronavirus lockdown.

We’re keen to keep evolving UTB’s bridging service by employing smart FinTech solutions where they help to streamline and simplify customer and broker journeys. We’ve worked hard with Nivo and our solicitor partners Lightfoots LLP and JMW to bring this “Nivo Passporting” enhancement to the market and we look forward to our customers and brokers benefitting from this straightforward, timesaving solution.”

Joe Middleton, Managing Partner – Lightfoots LLP, commented:

“We are proud to be leading the adoption in conveyancing of this industry leading FinTech from UTB and Nivo, at a time when it is most crucially needed by the market. This type of innovation is the perfect complement and goes to the heart of our success at Lightfoots; by always putting our customers first we consistently identify ways to deliver greater value to them, and the extra efficiency and security Nivo provides is an exciting step forward.”

Jodi Lund, Partner and Joint Head of Real Estate Finance at JMW commented:

“The Real Estate Finance Team at JMW are excited to be involved with the roll out with UTB of the Nivo ID verification service. This latest FinTech solution is being trialed at an extremely challenging time for all businesses and innovative solutions such as this will make a big difference. It will help us make the process of identification much easier and smoother for our clients and improve our client journey even further. We are delighted that our trusted lenders in the specialist finance sphere and our borrower clients can equally benefit from this sort of innovation.”

Polly Taylor-Pullen, Business Development at Nivo, commented:

“By seeing current challenges as an opportunity to improve customer experience and innovate, UTB, Lightfoots and JMW have proved themselves as leaders in the Bridging Industry. Enabling Nivo ID Passporting will make it as easy as possible for customers to access their services with physical restrictions in place. We’re very pleased to be supporting them with this feature that will lead to stronger, quicker and sleeker deals now and when this crisis is over.”