Finova has launched Broker ID, a data management platform designed to save lenders’ time and money with broker onboarding and due diligence processes.

Broker ID collects information from multiple data sources, including the FCA, Companies House and finova generated, and stores it all in a trusted centralised location.

The platform is cloud-based, and can be used as a standalone product or integrated into the lender’s system via APIs. It is already in use across various departments, including onboarding and case verification, marketing, risk and compliance, new business development and IT, at 23 lenders.

Benefits of the platform include reducing the number of manual checks, simplifying and streamlining the onboarding process, proactive panel management, better understanding of customer base, risk assessments, and improved data retention and quality.

The platform is due to expand later this year to include Credit Safe, to help lenders conduct thorough due diligence, and the Information Commissioner’s Office to support GDPR compliance.

Melanie Spencer (pictured), head of Finova Payment and Mortgage Services, said: “Without effective data management, lenders are unable to gain necessary insights or perform required business tasks. Broker ID solves this, and is a single source of truth lenders can rely on.

“The platform saves lenders both time and money through a holistic approach which streamlines business processes and gives users instant access to the data they need. Whether it be during the onboarding process or when conducting a risk assessment, lenders can make informed decisions with confidence.”