Digital onboarding platform Thirdfort has announced the launch of Thirdfort Standard, an ultra-secure digital ID check, offering Government-grade Near Field Communication (NFC) chip reading using ReadID and liveness testing.
The UK-based Anti-Money-Laundering (AML) and Know Your Client (KYC) specialist Thirdfort worked alongside HM Land Registry to ensure that its upgraded offering is fully aligned with HM Land Registry’s new Digital ID Standard. Thirdfort Standard incorporates technology from ReadID and our partner iProov. The Government-grade offering is at the helm of fraud protection and, crucially, means that those using Thirdfort Standard will be compliant with HM Land Registry’s Digital ID Standard.
The Digital ID Standard was unveiled in March 2021 to encourage digital identity checks in the conveyancing process and drive the industry towards a clear set of standards in e-ID. Those firms meeting the standard have been offered a ‘Safe Harbour’ to protect them from recourse - on the grounds that identity checks were inadequate - in any claims resulting from the registration of a fraudulent transaction. To meet the Digital ID Standard, providers must utilise a range of cutting-edge technologies including biometric facial recognition, NFC and liveness checking to remotely verify the authenticity of identity documents, such as passports.
FCA regulated Thirdfort is a web and mobile app that combines Open Banking, document scanning and facial recognition technology, to streamline identity and source of funds checks carried out during legal and property transactions. Thirdfort lets lawyers and property professionals onboard their clients quickly, securely and entirely remotely. The startup has grown rapidly over the past year, off the back of the Covid-19 pandemic and the subsequent acceleration of law firm and conveyancer digitisation. Thirdfort’s platform is now used to remotely ‘onboard’ over 30,000 clients each month – a ten-fold increase on pre-pandemic numbers - on behalf of more than 500 law firms and property businesses.