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Helping the mortgage sector in the Netherlands with a pioneering digital identity pilot

News   •   Mar 06, 2020 12:38 CET

Digital transformation strategies have been topics of much debate in the Netherlands, both in the public domain and in the private sector. On the policy level there is a new Dutch Digitalisation Strategy (Nederland Digitaal) as well as parliament approval for the Law of Digital Government (Wet Digitale Overheid). In the health sector, pilots with new health apps are slowly maturing, while in the financial sector companies are eagerly looking forward to the new possibilities with electronic identity for onboarding, made possible with the upcoming AMLD5 legislation (wwft in the Netherlands). One of such industries taking a pioneering (digital) leap forward, is the mortgage sector in the Netherlands.

A digitizing mortgage sector

Currently in the Netherlands, prospective mortgage lenders require some form of physical identification such as a physical meeting with a mortgage advisor as well as proof of identity such as bringing along their passport. This method is suboptimal as copies made of the proof of identity are often of poor quality, lost, and the process of verifying lenders’ identity for mortgage advisors takes considerable time. Not only that, the money lender, the financial institution that eventually provides the mortgage, has to do the identification all over again, based on copies of the identity documents provided in the process. With the growth of digital-only-banks, super apps and born in-the-cloud solutions, consumers are getting impatient with lengthy, manual, paper-based processes to access services which could be obtained securely online.

A pilot program beginning 9 March by Intersoftware, well known for its market leading “Adviesbox”, will enable mortgage advisers to verify prospective lenders’ identity digitally both automatically and securely through a pioneering online identification module. Signicat’s Digital Identity Platform, enables the verification of lenders’ digital identity through the electronic identity (eID) scheme iDIN and a passport or identity card verification.


Online Identity Verification with iDIN and document verification

Signicat’s Digital Identity Platform connects to over 25 eID schemes globally such as iDIN and enables verification of over 6000 identity documents such as national ID cards, passports, driver’s licenses and more. The eID scheme iDIN was chosen for verifying digital identities of mortgage lenders in the pilot program, as it is widespread with over 12 million users in the Netherlands. Moreover, by using iDIN data that banks already have collected and is well-established, the digital onboarding of lenders is further accelerated. Using the Signicat platform the authenticity of the identity document such as the passport is verified. The iDIN data is matched with the passport and the results are combined in a signed PDF document. In this way the intermediaries and lenders are enabled to establish the identity of the customers efficiently, with more certainty, 100% online as well as it is less error prone. The solution is therefore not only efficient for lenders and mortgage advisers’ alike but also more secure than previous manual processes.

A flexible Infrastructure

Intersoftware’s module is set up together with Signicat and offers the possibility of adding other electronic identification means and services to the module in the future. After three months of the pilot, a decision will be made whether the module is ready for market-wide introduction.

The initiator of the pilot is Intersoftware , a market leading software supplier of solutions for the mortgage market. The pilot is open to other parties, however the  initial six pilot intermediaries are: A & H Finance , Van Bruggen Advisory , Mortgage 24 , Private Home Mortgage , Mortgage Company and Financial Fit as well as four lenders or stakeholders (asr , ING Netherlands , Stater and NHG). 

For more information on the pilot program and to discuss what kind of process your company could digitize and optimize using Signicat’s Digital identity Platform go to:

https://www.signicat.com/contact/benelux 

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