PRESS RELEASE: Max ID’s smart identity verification services for mortgages ‘a perfect fit’ for 86 400 – Australia’s first smartbank

Sydney, 25 November 2019: 86 400, Australia’s first smartbank, has embraced Max ID’s mortgage identity verification services within their newly launched digital home loan offering.

Identity verification can be a significant pain point during the home loan process. By using Max ID’s smart and convenient digital technology, the 86 400 mortgage approval process is simpler, quicker and easier than the traditional application process. By removing the friction from the mortgage application, 86 400’s approval process is up to six times quicker than the Big Four1.
Partnering with Max ID means 86 400 accredited brokers can arrange ‘safe harbour’ compliant Verification of Identity (VOI) by initiating the VOI directly from an integration within Simpology’s Loanapp. Even where the broker is not meeting the customer in-person, ‘safe harbour’ compliant VOI can be completed within minutes, anywhere in Australia, 24/7, without inconveniencing the customer.

Travis Tyler, 86 400 Chief Product and Marketing Officer, commented “86 400 has worked closely with some of the most progressive partners in the industry to deliver an unmatched experience for brokers and customers alike. The Max ID solution was a perfect fit for our mortgage offering as it can be used anywhere in Australia at any time. We were able to apply our company look and feel, and most importantly, the service meets the regulatory safe harbour requirements.”

Melissa Christy, 86 400 Lending Lead, added “Partnering with Max ID for verification of identity is a great solution for both brokers and customers. Our brokers benefit as we are removing a key pain point from the process, and our customers receive a fast and frictionless experience too. Unlike most banks, there is no need for applicants to visit the bank in-person, or wait for a courier driver to complete identity verification”.

Fraser Todd, Co-Founder of Max ID, added “Across the financial services industry lenders are updating procedures to ensure they meet the regulatory ‘safe harbour’ identity verification requirements for mortgages. It has been great working with Team 86 400 who were focussed on delivering an outstanding customer experience and meeting the highest regulatory requirements from our very first meetings.”

Mr Todd adds “Max ID’s VOI services were easily integrated into 86 400’s brand and technology eco-system providing a seamless, end-to-end ‘safe harbour’ identity verification solution. Max ID is an enabler for businesses that understand the value of their brand and the importance of great customer experience, without compromising regulatory compliance.”

In an Australian-first, Max ID’s patent-pending technology means Max ID can conduct legally compliant ‘safe harbour’ face-to-face, in-person identity verifications on behalf of clients from anywhere in Australia with internet connectivity, 24/7, 365 days. No more customer visits to Australia Post or waiting for a courier driver to turn up and sight and photograph sensitive identity documents.

Max ID’s clients include some of Australia’s largest high-volume conveyancing firms, mortgage aggregators, bank and non-bank financial institutions.

Further information:

Max ID contact:
Michelle Morgan
[email protected]
0414 443 033

More about Max ID®:

Max ID® is an unlisted Reg-tech innovator and an Australian Incorporated Legal Practice established to provide a solution to the face-to-face in-person verification of identity (VOI) requirements for property transactions.

The Max ID patent-pending digital technology is available Australia-wide, 24/7, 365 days and can also be applied to AML CTF requirements and watch-list matching for a variety of user groups, including AFSL holders, online gaming and wagering companies and anyone requiring certified true copies of identity documents for 100-point checks.

Fraser Todd and Alistair Morgan are the Co-founders of Max ID and have combined their extensive experience in banking, financial markets, legal and regulatory compliance with the vision of making the exacting and high standards of regulatory compliance simpler and more convenient for Australian-regulated organisations and their customers.