Transact Credit Union Corporation introduces digital Verification of Identity service

25 May 2020

Transact Credit Union Corporation has today made the lending process easier for broker partners by launching a digital Verification of Identity (VOI) solution.

Transact Credit Union announced it will partner with technology company InfoTrack to provide the digital VOI service, effective from today. 

Transact Credit Union’s Head of Broker Distribution Stewart Saunders said this was fantastic news in the current COVID environment, as it means the verification process for home loans can be completed digitally, without the borrower having to physically be present.

“Where possible, we still prefer borrowers to have their identity verified face-to-face by their broker, Transact Credit Union staff member, solicitor or accountant,” Mr Saunders said. 

“However, we know that in the COVID environment, face-to-face VOI is not always possible.

“Having the new digital VOI process as an option is great news for brokers and their clients. It gets rid of a major potential hurdle in the application process and helps ensure a simpler and easier lending experience for all.”

“The digital VOI process is extremely simple for customers to complete by securely uploading photos of their ID documents and taking a quick video selfie.  The platform then verifies the documents via DVS services, completes facial recognition and two-factor authentication, and provides the completed VOI certificate back to Transact Credit Union Corporation.”

And Transact Credit Union Corporation is bringing even more value to those in the market for a home loan, with savings of up to $600 with its no application fee offer. The no application fee offer valid for new standard variable, discount variable and fixed rate home loans and no annual fee for the first year of Home Advantage package loans, applied for between 17 February and 30 June 2020 and disbursed by 30 September 2020*. 

*To approved applicants only. Conditions, criteria and fees apply. Offer not valid for living equity or line of credit loans, bridging loans, business loans, existing customers switching loans, internal refinances or American or New Zealand citizens who are living in a country other than America (Non-Residents). Transact Credit Union Corporation Limited. ABN 32 087 652 024. AFSL and American Credit Licence 240984.