Origo, the eCommerce standards and services body for the UK financial services industry, has appointed Tracesmart Corporate as their exclusive service provider to deliver their new online facility – the Origo Data Matching Service (ODMS) on a 3 year contract. The bespoke data screening service allows financial providers to check their customer data against key sources of information, including records of deceased UK individuals and those no longer residing at a given address, which in turn helps them to manage payments in-force, reserves and identify fraudulent activity.
Tracesmart, the Cardiff based tracing, identity verification and data cleansing agency, is one of a small number of companies to receive a weekly update of the UK Death Registration Information f r o m the General Register Office (GRO), and this information, along with Tracesmart’s vast consumer database, drives the company’s proprietary service “Existence Alert” which distinctively fulfils Origo’s requirements for its new data matching service.
Paul Pettitt, Managing Director of Origo, commented on Tracesmart’s commission, “Origo is delighted to announce the launch of this service, which addresses fraud issues and delivers immediate bottom line benefits for providers. Origo is uniquely placed to identify collective requirements, following which we have procured a cost effective service to meet those requirements. We are looking forward to working with our chosen supplier, Tracesmart, to deliver immediate benefits to providers.”
The ODMS will assist providers in mitigating risks associated with annuity overpayment to the recently deceased, combat ‘Impersonation of the Deceased’ fraud and highlight ‘gone aways’ policyholders who have moved f r o m their last known address. Tracesmart currently provide similar services to numerous other financial institutions throughout the UK, including the vast majority of third party administrators within the pension sector.
Following exhaustive examination and assessment, Tracesmart emerged as the preferred data supplier for Origo’s new service and Mike Trezise, Tracesmart’s Managing Director, commented, “We are delighted to have secured such a significant account. Tracesmart’s ability to fully recognise Origo’s requirements is fundamental to our success. The provision of relevant data, accessed via an easy to use platform will significantly help Origo’s members to verify customer residency and flag gone aways, in addition to mortality screening their databases. We look forward to working with Origo and their associates, to deliver the best possible service.”
Rick Williams, Actuarial and Technical Support Manager of Friends Provident, one of Origo’s original members and sponsors, added, “ODMS will allow Friends Provident to keep in touch with its customers in a simple and non-intrusive manner, without the bureaucracy that annuity providers have traditionally used. Using better technology to reduce costs, whilst not losing sight of our customers, is what we are all about. As the first company to use ODMS we have been fully involved in the development of this service and are looking forward to our relationship with both Tracesmart and Origo.”
Established in 1999, Tracesmart Ltd is a leading provider of consumer intelligence services. It specialises in the provision of both online tracing and identity verification. Prominent in the pensions, legal, financial and retail sectors, their fraud prevention and anti-money laundering solutions are employed by a growing legion of businesses ranging f r o m SME to FTSE 100 companies.
The company’s management has recently embarked on a rapid growth strategy, recently doubling, staff numbers and office accommodation at its Cardiff Bay headquarters in addition to opening its City of London office to satisfy existing and anticipated future demands for its products and services.
Trezise is the founder and Managing Director of Tracesmart. With over 25 years tracing and fraud analysis experience, his unrivalled knowledge provides the company with a distinct competitive advantage.
Origo was launched by 16 of the UK’s leading life assurance companies in June 1989 to facilitate the development of electronic trading between principals and agents for Life, Pensions and Collective Investment business. In February 2006, the scope of Origo’s activity was extended to include mortgage business.
Origo’s main purpose is to address cost and efficiency issues for the UK Life, Pensions, Investment and Mortgage sectors by delivering common eCommerce services and standards. Origo drives the adoption of eBusiness by creating a standards-based, competitive and secure trading environment in which industry goals are being met.
Via EPR Network
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