31/10/2006

QAS, an Experian® company, today announced that TTT Moneycorp Ltd, the London-based provider of retail and wholesale currency services and commercial foreign exchange, has implemented Authenticate Pro to manage the identity authentication process of its foreign exchange customers.

Authenticate Pro enables TTT Moneycorp to positively identify customers during the acquisition process. This improves business processes and customer service levels, while meeting regulatory compliance and reducing the risks of ID theft and money laundering.

TTT Moneycorp is a leading provider of specialist foreign exchange and related services for both private and corporate customers. It has become a significant influence throughout the UK foreign exchange industry. The company has three divisions; Retail, Wholesale and Commercial Foreign Exchange, trading under several well-established brands. Last year, TTT Moneycorp traded over £5 billion in currencies and served around 2.4 million customers.

TTT Moneycorp required a solution to manage the potential risks of taking on new customers where the threat of fraudulent activity is more prevalent. Using Authenticate Pro from QAS, TTT Moneycorp compares information provided by a customer with multiple independent data sources, to establish an individual's identity. Sources include the Electoral Register, the National Postcode Address File and CIFAS, the UK's Fraud Prevention Service.

"Managing risk is our highest priority. Verifying prospective clients' identity is of paramount importance," comments Thomas Kadri, Director of Support Services, TTT Moneycorp. "We use Authenticate Pro within Microsoft CRM so that customer acquisition and ID checking becomes a straight through process. Streamlining these functions dramatically improves our efficiency. We also expect referral rates to drop now that data accuracy is improved, resulting in less cost for us and better service for our customers."

Alongside huge data entry time savings, it takes TTT Moneycorp just seconds to get an ID authentication first time. Users no longer have to re-key information from the authentication process into their CRM application. The solution also keeps an audit trail of all customer activity, which can be saved for a five-year period in line with Know Your Customer legislation. Authenticate Pro also helps TTT Moneycorp meet compliance with Money Laundering Regulations and FSA regulations, which support electronic data as an alternative to documentary authentication evidence.

"The deployment of Authenticate Pro enables TTT Moneycorp to reduce business risk. The beauty is that it requires minimal integration effort and zero training because the process simply extends the existing CRM application's functionality," comments Harry Meikle, Group Managing Director of QAS.

"We are helping financial institutions prevent criminal activity within their operations by providing an authentication solution which ensures compliance with current legislation. We have taken the leading UK data assets from Experian and combined them with QAS technology so that electronic authentication processes can be seamlessly integrated into core business applications. We are currently the only data provider that can offer this range of data."