Bank regulations

DD-iD™ is the only tool in the marketplace that enables full compliance with the Direct Debit Scheme Rules in the context of Banks viewing compliance with these rules as a condition of retaining Originator status

In July 2005, the UK Banks amended the Direct Debit Scheme to ensure that every single Paperless Originator would have to ensure that all new customer are who they say they are. Until now, this “Know-Your-Customer” check required a series of different programmes and companies, or manual paper checks, to fulfil the regulation.

This change also recognised the rising threat to Banks and Originators of Identity fraud and the cost of it. ID Fraud costs are heading towards the £2 Billion per annum mark. DD-iD™ provides comprehensive and flexible levels of checking (low risk, medium risk, high risk) that can eliminate this growing threat.

DD-iD™ is the only single product available that verifies address and name details against an individual's Bank account number by cross checking a vast array of key databases.

Throughout any business, DD-iD™ makes sure every key area can benefit from this new system and customer retention can be enhanced by eliminating laborious and expensive manual checks, or slow and complex online and telephone sign-ups.