The Trust Foundation Understanding trust issues in the digital era.

“According to an article in Australian IT, “ING Direct has led the way in using anti-money-laundering identification processes to come up with a method for opening an account purely online. The Dutch bank has claimed bragging rights for the first end-to-end online account opening facility in Australia…which uses an almost instant online identity verification process instead of the traditional 100-point security check to allow customers to open savings and term deposit accounts.”
“ING Direct has taken advantage of new AML [anti-money laundering] legislation that allows financial institutions to replace the traditional 100 point security check, which uses physical documents such as passports, with electronic AML compliance checks.”

More banks are looking to improve their process of allowing clients to open accounts online. This is a step towards unlocking the potential for higher-value online transaction. Banks are getting clients to fill out an online form when they apply and they will run a background identity check using a third-party identity verification services. Find out more about it here.