The process of enrollment is quick and easy. A customer’s (borrower’s) biometric data is registered, along with any relevant ID card and biographic information. On completion of the process, the customer is automatically assigned a Unique Member Number (UMN), which is directly linked to the credit bureau’s credit report.
GenKey’s registration devices operate at point-of-sale locations and are easy for banks and credit providers to integrate into their sign-up or application process. They’re also lightweight and mobile, enabling registration to happen at any location.
GenKey’s 1=1 Solution is the central identity management hub. It runs continuously, updating new and existing registrations. A core part of this solution is our industry leading ABIS deduplication software that ensures the uniqueness of every person registered, assigning them a Unique Member Number (UMN). This number is used to verify the identity of customers, irrespective of the number of credit/loan applications.
In addition, GenKey’s 1=1 platform enables the credit bureau to offer this service to more than one client, meaning multiple financial institutions can access the register.
GenKey’s verification devices are handheld tablets, suitable for any point-of-sale location. Within seconds, a customer’s biometric identity is verified, providing the financial institution with an instant ID profile linked to the customer’s credit report. With the information displayed side-by-side, the lender has a greater awareness of who they’re dealing with, reducing the risk of fraud and increasing the processing time of applications.