CUA pilots Australia Post’s new digital ID verification tool, Digital iDTM
Credit Union Australia (CUA) has become to the first financial institution in the country to trial Australia Post’s new digital identity verification service, Digital iDTM.
The solution can be used for the online and mobile identity verification service across CUA’s banking services, foreign currency, outsourcing of tasks and police checks. The pilot will commence later this year.
To begin with, the credit union will offer Digital iDTM for new members applying for a CUA eSaver Reward or eSaver Boost account online or via mobile. Customers will be able “to verify their identity online in just minutes”, CUA says.
“The trial will commence in the coming months, paving the way for more members to join CUA and open an account digitally, without needing to complete the application in-person at a branch,” it adds.
CUA’s chief digital officer, Sue Coulter, says the credit union and Australia Post have been working closely on this project for several months.
“As a member-owned organisation, there is a lot of benefit in us collaborating with a large organisation like Australia Post, allowing us to use their expertise to bring innovations like this to members much sooner than if we were to develop them ourselves,” she explains.
CUA is Australia’s largest credit union that offers financial, health and insurance solutions to its 500,000 members.
According to Andrew Walduck, Australia Post’s executive general manager, trusted e-commerce services, legacy ID verification processes were time consuming and cost the Australian economy up to $11 billion a year. Hence, the company has developed the Digital iDTM platform.