The service can flag previous instances of the applicant. Credit: Nattakorn_Maneerat / Shutterstock.

Nivo has introduced an ID&V sharing service to combat fraud within the short-term lending sector.

This initiative allows lenders and brokers utilising Nivo’s platform to access a shared database of biometric identity verifications and anti-money laundering (AML) checks.

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The service flags previous instances where an applicant’s facial recognition data or documents have been used, detailing the occurrence, associated organisations, names, mobile numbers, and even the original selfie videos, ID documents, and check results.

The database, which encompasses more than 200,000 checks conducted via Nivo in recent years, has already helped identify multiple fraudulent attempts, the company said.

Nivo said the development is part of a larger investment to improve how lenders share KYC [know your customer] and application data, aiming to enhance verification, boost efficiency, reduce redundancy, and prevent fraud.

Nivo’s team is currently engaging with industry bodies, including the Bridging & Development Lenders Association (BDLA), to explore collaborative opportunities for advancing this sharing service.

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The company is planning to establish a working group and evolve the service with new features based on insights from industry participants.

Nivo CCO Matthew Elliott said: “Since day one, we’ve built our system as a network, with technology and legal architectures in place to allow for this type of sharing.

“We’re trying to drive out all of the wasted time and effort that lenders and brokers go through by repeating things, and sharing information over email, phone, and post; so it’s great to launch this industry first and there is so much potential for where we take it next.”