Finova has launched Broker ID, a data management platform to help lenders with broker onboarding and due diligence processes.

The new platform will collect information from multiple data sources such as the Financial Conduct Authority (FCA) and Companies House, which is stored in a trusted centralised location and will be accessible to all users. 

It can be used as a standalone product or integrated into the lender’s system via an application programming interface. 

The platform is currently being used by 23 lenders across various departments including onboarding, case verification, marketing, risk and compliance, new business development and IT. 

Finova head of payment and mortgage services Melanie Spencer says: “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.”