Growth in the OzForex business created the need to take a closer look at streamlining their customer on-boarding process while continuing to meet regulatory compliance obligations. Receiving thousands of new client registrations each month, a fundamental problem that OzForex needed to address was their manual client verification process, which often experienced delays in establishing a client account. Historically, their client registration process involved physically receiving copies of a client's identification documents and manually comparing those details to the client's application form. This process was time consuming and inconvenient for the client, leading to delays, and it also introduced an opportunity for data entry errors and created a negative client experience when the timeliness of a payment was critical.

With IDMatrix, Australia's most comprehensive identity verification solution, OzForex could quickly and accurately verify identity details at the point of application. IDMatrix searches multiple independent data sources and uses appropriate risk profiles to provide organisations with the ability to verify a client's identity in a matter of seconds. IDMatrix allows OzForex to verify a client's identity at the point of registration which greatly reduces the time to complete on-boarding.

A client can be up and running within ten minutes of beginning the registration process.

- Jason Rohloff Head of Compliance | OzForex Group

Since 2013, OzForex has conducted over 100,000 verifications which previously would have been completed manually and has resulted in significant operational cost savings. OzForex are also utilising IDMatrix Fraud Assessment capabilities to automatically detect individuals that present a high fraud risk to the business even before they can use their services. Leveraging off the comprehensive array of Equifax (previously Veda) data sources, IDMatrix was tailored for OzForex to maximise their straight through processing rates while maintaining an acceptable verification threshold that satisfied their AML program. Being highly configurable, IDMatrix can balance an organisation’s risk profile with what is deemed an acceptable level of verification; whether that be Minimum Requirements, Safe Harbour or anything in between.

IDMatrix utilises comprehensive Equifax bureau data and delivers access to the most comprehensive range of verification and fraud data in Australia. Identities can be cross-referenced and screened against more than 30 data sources and watch lists, providing a full and clear picture of who you are conducting business with. Included in those data sources is the Attorney Generals Document Verification Service (DVS) that can verify Driver Licences, Passports, Medicare Cards and many more government issued documents.

We chose IDMatrix primarily because of the size of the Equifax database that the verification software draws from. The larger the database, the more likely we are to be able to verify our clients.

- Jason Rohloff Head of Compliance | OzForex Group

Flexibility of Service

To remain highly competitive and confident to expand their operations, OzForex needed a solution that could scale as their business grew and was readily available when their client was ready to register. IDMatrix is a real time service available 24/7 and handles large volumes of verifications, making it an excellent fit for OzForex to integrate.

In 2014 OzForex were able to expand their operation to include weekends. With IDMatrix integrated they could continue to accept and process new clients during weekends as new registrations continued to flow in. 

"We employ a blend of technology and friendly, knowledgeable customer service to bring a range of highly competitive international payment services to both business and individual customers"

OzForex Website

IDMatrix is available 24 hours a day, 7 days a week. This gives us a great deal of flexibility to operate our business on our own terms.

- Jason Rohloff Head of Compliance | OzForex Group

IDMatrix can be integrated into business processes through multiple channels:

• Direct using an XML API web service
• An online portal for a call centre or a back-office processing
• Direct to the end user with a self-verification interface
• Offline by batch

By selecting the API integration, OzForex was able to maintain control and further develop their online registration forms, which gave them greater flexibility over the customer experience throughout the registration journey.  The API integration also gave OzForex control of the registration process by only requiring the client to enter their personal details once and only when necessary; including government and state-based document details.

The remaining integration channels also offer benefits such as reduced time and effort to integrate into current processes – an effective way to immediately solve a verification problem during an API integration. After a successful integration, client’s personal details are securely sent to IDMatrix to be verified and assessed for fraud in a matter of seconds. They are then subsequently saved in the OzForex systems along with the IDMatrix result. By using IDMatrix, OzForex has created a single point of data capture removing the need for operations staff to re-key client data into their backend systems or cross-check document details; a manual process that was disrupted with error.

This level of integration eliminates the possibility of human error when handling client data because the systems talk directly to each other.

- Jason Rohloff Head of Compliance | OzForex Group

Since implementing IDMatrix OzForex have:

• Streamlined their operations to reduce the time it takes to register new customers down to less than 10 minutes
• Improved data accuracy with a single point of data capture
• Improved scalability of their systems giving them flexibility to expand operations within their requirements to handle new business volumes