Published: Monday August 6, 2007
Written by on News
Tuxedo Money Solutions is using the latest Know Your Customer technology from anti-fraud and money laundering specialist GB Group to comply with Government regulations, as record numbers of new customers sign up to its latest prepaid card.
Initially targeted at cash users, economic migrants and ethnic communities based in the UK, the card can also be used to withdraw cash from foreign ATMs and can be loaded up in exchange for cash paid in at leading banks and building societies.
Tuxedo is using GB Group's online identity checking service, URU to check that new customers really are who they say they are.
Powered by GB Group's proprietary ID3 technology, URU is now used by over 170 organisations in the UK including four of the top five banks, major high street and retail companies and over 80 per cent of licensed online gaming companies.
The service is designed to prevent cards being used for money laundering under false identities, and helps Tuxedo to comply fully with the Government's KYC guidelines, which have been introduced to control organised crime and terrorism funding.
Colin Loubser, Marketing Director of Tuxedo Money Solutions, said: "The biggest differentiator between GB Group's service and other identity verification providers is that it does not rely on a credit check to confirm identity. Instead, it references many different databases containing information on millions of individuals and only then authenticates the customer - thankfully, this all happens at lightning speed.
"The system is available 24/7 online so is helping us to sign up new customers quickly without having to put them through a fairly obtrusive and unfriendly manual checking process - a process itself that is fraught with risk.
"URU also gives us an essential audit trail, which helps us meet our compliance requirements of being able to prove that we have performed a full KYC check."
Chris Henry, Head of Prepaid Cards Solutions at GB Group said: "Prepaid card providers are looking for ways to protect their business against the risks of fraud and money laundering while adding value to their consumers and retail partners by offering practical and exciting services.
"Using URU, Tuxedo is benefiting from everything that online ID verification and fast straight through processing offers - maximum customer uptake, peace of mind through protection and the gathering of accurate customer information that can be used for strategic marketing campaigns and product development."
GB Group is the UK's leading provider of ID verification services for the prepaid market, with clients including firstprepay and Altair.