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Startline Motor Finance has deployed new biometric eSign technology to improve levels of efficiency in processing motor finance applications.
All applicants undergo a biometric identity and verification check which involves the customer taking a selfie of themselves and their driving licence or other photographic ID. Facial recognition tools then compare the two sources.
Paul Burgess, CEO at Startline, said: “This technology is pretty impressive, with algorithms extracting biometric data from the selfie and comparing it to the image on the driving licence to determine whether the signer is genuine.
“Fraud during motor finance applications is pretty rare but this provides a new layer of security, and delivers a fast and easy online eSign process for applicants.”
Startline has also introduced a new business portal which car dealers and other introducers can use to receive funds quicker.
Burgess added: “Payout times for motor finance have been reduced by 30% following the introduction of the portal.
“We place huge emphasis on being able to make payouts as quickly as possible once a car buyer has been approved for finance. The new technology, which represents a significant investment, is a genuine step forward in this area.”