UK-based Tenet will rollout an online anti-money laundering service in collaboration with Equifax to fight against fraud, virtually to eliminate paperwork and allow advisers to process transactions efficiently.
Planned to be delivered through the Equifax intermediary website MyTouchstone, the new system will be launched to the group’s advisers after the completion of a successful pilot program.
The service will provide advisers a strong and easier to use facility with no set-up costs, no minimum expenses and a specially-discounted rate of just £1 per search.
Commenting on the partnership, Tenet distribution & development director Helen Turner said, "It will expedite the authorisation process and provide a formidable barrier against fraud."
"The customer experience will be significantly-improved thanks to removal of the traditional paperwork delays," Turner added.
"Although some providers and lenders may still insist on their own secondary checks."
Equifax Touchstone Financial Analytics intermediary director Peter Welch added, "Advisers will also be able to access the reports and insights from the MyTouchstone database in order to benchmark their businesses in their local market."