Until now, fraud and money-laundering regulations have meant that customers applying for a financial product online have usually had to follow this up by providing proof of identity and other documents by post.

As a result, up to 90% of sign-ups are never completed – meaning many customers are missing out on the attractive ‘online only’ rates offered by banks.

But in a major step for both consumers and the finance industry, miiCard and Callcredit have joined forces to provide a unique online identity service that removes the need for paper-based checks.

The miiCard (My Internet Identity Card) service allows a consumer to prove their identity online and in real-time, creating the same level of trust as a passport or driving licence. Callcredit’s award-winning identity verification software, which contains data on millions of UK consumers, gives an extra, robust layer of protection that ensures the service meets strict anti-money laundering and fraud regulations.

James Varga, Chief Executive of miiCard, said: “In a digital economy where there is a 70% to 90% drop out rate when selling financial products online as soon as the process goes offline, removing the drivers’ licence, passport and utility bill checks is critical. Creating this level of trust online will not only change the face of financial services but anywhere you need to know who you’re dealing with.”

Graham Lund, Managing Director of Callcredit, said: “At this time of year, many consumers will be looking to get their finances in order for 2012 by taking advantage of competitive online banking offers.

“As a recognised leader in identity verification and fraud prevention, we have been working closely with miiCard to make it easier for customers to complete the sign-up process without compromising compliance with regulations or fraud rates. The new service provides a consumer-focused solution that combines the latest cutting edge technology with the widest range of robust data sources. Today represents a shift in the way consumers and companies will view identity verification in the future.”

miiCard

miiCard has developed a purely online digital passport service that brings trust to the Internet by proving the user’s identity to the same level as a driver’s license or photo ID. It closed its first funding round and completed a management buyout earlier this month and plans a beta launch later this year. The three new board members recognise that miiCard is at a critical stage in its success path and will bring their own expertise to help it reach its full potential.

Stephen Brannan has spent 15 years at Royal Bank of Scotland, latterly as director of Separation Business Services, and has extensive experience of the international banking industry. After leading the separation of a number of businesses acquired under ABM AMRO as part of the RBS Group’s strategy to return to stand-alone strength, and further disposals dictated by the European Commission in return for state aid, he most recently managed the separation process necessary for Santander to purchase parts of the RBS retail network. Brannan also ran the RBS Cards business from 1999 to 2004, so has a thorough understanding of miiCard’s needs.

A highly respected figure in UK banking, Stephen Brannan will bring expert guidance to miiCard as it builds on its recent funding success and management buyout.

Graham Paterson was one of the founding partners of SL Capital Partners LLP and played a major role in the growth of that business from a team of two, with assets under management of £200 million, to a team of 40 and assets under management of £5 billion. An experienced and decisive senior executive, Graham brings extensive investment experience to the table.
David Ball has held board positions with Tesco Bank and senior roles at HBOS plc and Bank of Scotland, managing IT and business transformation programmes.

Together the three new appointments strengthen the miiCard board enormously, bringing insight and understanding of relevant industries and business management practices.

Stephen Brannan says: “There’s a huge opportunity here – there’s nothing else like this available, and, the timing is perfect – if online commerce is to continue to function properly we need to create secure identity procedures. I know my experience and background in financial services can help miiCard reach its potential, so it will be an exciting time, working with the team to find all the applications for this great product.”

miiCard, the revolutionary digital passport, closed its first funding round on September 1, 2011. Raising a total of £550K seed funding from VC, angel and the public sector sources, the round was significantly oversubscribed and completed within six weeks. At the same time, miiCard completed a management buyout, with James Varga appointed CEO.

James Varga says: “This is a big step forward for miiCard – with a board of this calibre we are ready to take miiCard to the next level. It’s an exciting time and I can’t wait to start changing the way financial products are distributed online. Consumers want convenience and with the help of Stephen, Graham and David we can help give them exactly that.”

Set to launch in beta before the 2011 Christmas retail season, miiCard aims to fight internet fraud and protect the consumer by finally solving the issue of trust online.

Changing the way we transact online by providing a system where proof of identity can be validated entirely online and in real-time, miiCard will make online transactions easier, faster and safer. miiCard can be used as an online equivalent to the normal driver’s license, passport or photo ID checks normally conducted not only in Financial Services but a range of industries such as online trading, dating, gambling and social networking. miiCard provides a new layer of trust previously unavailable in a purely online environment.

Owned and managed by the individual, miiCard allows the consumer to track, monitor and so take control of their online identity for the first time. miiCard costs the consumer just £1 a month and is charged to the vendor on a transactional basis.

For more information contact: Sarah Lee.

About miiCard

miiCard is a revolutionary “digital passport”, powered by Yodlee, that enables users to prove their identity online for the first time to the same level of authority as a driving licence or passport would do offline. By creating trust in an environment characterised by anonymity and transient identities, miiCard will open up opportunities for business online and put internet users back in control of their personal information.

The inability easily to authenticate a user’s identity online has long posed a significant barrier to trade. Between 70% and 90% of all online financial transactions are terminated when the customer is required to provide physical proof of identity so it is imperative that businesses find a solution.

miiCard is designed to support ecommerce and eradicate this problem by enabling customers to complete complex transactions online without supplying further proof of ID.

Owned and managed by the individual, miiCard gives the user security for their personal data, allowing them to track, monitor and thus take control of their online identity. For businesses selling online to consumers, miiCard improves conversion rates, cuts operational cost and fights internet fraud.

miiCard also benefits users and vendors by creating trust between parties in a purely online environment, increasing convenience, consistency and simplicity of shopping online, speeding up transactions, reducing costs, improving customer satisfaction and easing regulatory compliance.

miiCard, which is set to launch in beta before the 2011 Christmas retail season, aims to fight internet fraud and protect the consumer by finally solving the issue of trust online. From buying a sofa or selling a bike, to finding a flatmate or applying for a new credit card through the Internet, miiCard allows the individual to prove ‘I am who I say I am’ and create trust when transacting online.

Investment has been secured from angel syndicate Par Equity, venture capital group IQ Capital and the Scottish Investment Bank’s Scottish Seed Fund. miiCard has already generated a huge amount of interest from both financial and commercial sectors and over the coming weeks it expects to make a number of high profile appointments of expert advisors and board members.

The idea behind miiCard is to create trust online in the way that a passport or driving licence does offline, as CEO James Varga explains: “From buying and selling online to using social networks, we often need to be able to prove our identity online and in real-time. miiCard will do that by offering an alternative to the traditional offline checks of driver’s licence, passport or utility bill. There is nothing else on the market today that does this, giving miiCard a massive opportunity.

“That is why this funding round has been so well supported by investors. This is a hugely exciting time for the team at miiCard and we are extremely proud that so much confidence has been shown in us. We know that we have an incredible product with countless applications. We are all looking forward to the coming months.”

Changing the way we transact online forever by providing a system where proof of identity can be validated entirely online and in real-time, miiCard will make online transactions easier, faster and safer.

Owned and managed by the individual, miiCard allows the consumer to track, monitor and so take control of their online identity for the first time. miiCard costs the consumer just £1 a month and is charged to the vendor on a transactional basis.

For more information contact: Sarah Lee.

About miiCard

miiCard is a revolutionary “digital passport”, powered by Yodlee, that enables users to prove their identity online for the first time to the same level of authority as a driving licence or passport would do offline. By creating trust in an environment characterised by anonymity and transient identities, miiCard will open up opportunities for business online and put internet users back in control of their personal information.

The inability easily to authenticate a user’s identity online has long posed a significant barrier to trade. Between 70% and 90% of all online financial transactions are terminated when the customer is required to provide physical proof of identity so it is imperative that businesses find a solution.

miiCard is designed to support ecommerce and eradicate this problem by enabling customers to complete complex transactions online without supplying further proof of ID.

Owned and managed by the individual, miiCard gives the user security for their personal data, allowing them to track, monitor and thus take control of their online identity. For businesses selling online to consumers, miiCard improves conversion rates, cuts operational cost and fights internet fraud.

miiCard also benefits users and vendors by creating trust between parties in a purely online environment, increasing convenience, consistency and simplicity of shopping online, speeding up transactions, reducing costs, improving customer satisfaction and easing regulatory compliance.

As the price of fuel continues to skyrocket worldwide and grocery prices creep ever upwards, Yodlee and Money Dashboard found that consumers are spending an average of 40% more on fuel and 9% more on groceries each month than their budget allocation in these categories.

Money Dashboard Founder and CEO Gavin Littlejohn explained, “Unfortunately the trend of day-to-day essentials increasing in price is set to stay for the foreseeable future, and so consumers need to take this into account when planning their monthly budget. Fortunately we can now provide a secure and hassle free way to help consumers to budget and staying in control more easily.”

As people continue to struggle through difficult economic times, more people are clamouring for easy-to-use online personal financial management tools to help them plan and manage expenditures.

“Yodlee has seen a significant increase in demand for comprehensive PFM services, as is evidenced by Money Dashboard’s rapid adoption,” said Jason O’Shaughnessy, Yodlee’s Managing Director, EMEA. “When people are dealing with increased costs for life necessities like food and energy, the need for accurate budgeting becomes even more pronounced, and we’re pleased to provide robust services that have a marked impact on the day-to-day lives of thousands of people. Yodlee is committed to helping our partners to develop the European market place for PFM.”

Powering (PFM) for more than 27 million individuals across the globe, Yodlee combines traditional PFM and payments with the new Yodlee FinApp Center — a financial services application marketplace—to create a personalized and actionable online and mobile money management experience.

With Yodlee 10 and the Yodlee FinApp Center, European banks and financial services providers have the freedom to innovate and deploy solutions quickly so they can engage customers who might otherwise be overwhelmed by the complexity of monitoring and managing accounts for checking, savings, credit, debit, personal loans, and rewards programs. Yodlee 10 also empowers a personalized online and mobile experience, since nothing is more personal, or individual, than a person’s finances.

For more information, visit www.yodlee.com and www.moneydashboard.com or email Lucy Smith.

After a Christmas of excess, January is the perfect time to once and for all take control of your spending and now it needn’t be such a daunting prospect. By bringing your bank accounts and credit card spending history together on one screen and recommending Ways To Save, Money Dashboard promises to take the hassle out of managing your money.

As well as helping individuals, Money Dashboard makes it simpler for families and couples to keep track of their income and spending by enabling them to automatically and securely aggregate their household accounts from multiple brands in a single view.

Users can access the Money Dashboard application from any computer with web access and it allows them to track and categorise spending, set budgets and helps them save. It can also be configured to send emails to alert users if they exceed their set budget or if they are about to go into overdraft. In future, it will also be possible to alert users to suspicious transactions on their account, and for users to log on to Money Dashboard from their mobile.

Gavin Littlejohn, Money Dashboard’s founder and CEO, says: “The Government has demonstrated in painful detail why it is important to keep track of spending and avoid getting into debt. It’s easy to put off reassessing your budget but now is the time to act on your New Year’s resolutions and take the first steps towards a brighter financial future.

“By giving people a clear picture of their finances, we can help consumers make better choices each month and recommend ways to save. Our aim is to take the fear and hassle out of managing money, focusing on helping young families and individuals to confidently manage their debt or create a path to better wealth. The UK consumer has shrinking access to financial advice, so it is important that they gain the confidence to self-serve, and Money Dashboard is designed to help them on that journey”

Since the service opened for public beta testing in May 2010, it has helped 10,000 users to manage their money more effectively. Thanks to feedback received from beta testers, the application has undergone several rounds of improvements as part of its evolution and new features will continue to be added following launch.

Chris Cathcart, a digital media strategist, was one of the first users to benefit from Money Dashboard during its beta testing phase.

He says: “I’m more aware of what I’m spending my salary on since using Money Dashboard and I’m less likely to spend money that I don’t have on items I don’t need. It’s easier to make financial decisions going forward as I have a really clear picture of my incomings and outgoings.

“The best feature of Money Dashboard is the option to tag your transactions. Once you’ve entered your details, the software categorises spending automatically so you can easily see the areas where you’re going over budget.”

miiCard, a patent pending, global, digital identity solution, is soft launching to the financial services industry in Amsterdam, at Sibos, October 28th. miiCard’s aim is to eradicate the final barrier to global trade in financial service products – the often cumbersome and always time consuming need for offline proof of identity before a financial product can be purchased.

Powered by Yodlee, the miiCard Digital Passport enables consumers to prove “they are who they say they are” online, in real-time; enabling them to buy financial products completely online for the first time, in a fashion that meets Anti-Money Laundering laws, Know Your Customer regulations and the Proceeds of Crime Act standards.

Making the announcement at Sibos where miiCard was invited by SWIFT to present at the Innotribe Challenge, James Varga, miiCard’s Founder explains: “Online authentication has become the holy grail for all financial institutions. Proving online identity is the final barrier to global trade in financial services products; and while consumers fall victim to fraud every day, it is critical that we as an industry address the issue and offer a solution fast, and that’s what miiCard, working with Yodlee, intends to do.”

Every day between 70% and 90% of online financial transactions are abandoned when the customer is asked to complete the transaction offline by taking their driving licence, passport or utility bill into their local bank branch to prove identity.

Varga adds: “The Internet world facilitates anonymity, not trust. Our challenge today when conducting business, fighting fraud and protecting the customer, is to create trust between business and consumer without resorting to physical offline identity validation”.

miiCard will be built on the Yodlee 10™ personal finance platform, the first patented, customizable, web platform for financial services. Yodlee is the leading provider of secure, personalized online and mobile PFM services, powering more than 85% of online PFM users at leading bank and portal sites worldwide.

Joseph Polverari, Chief Marketing and Strategy Officer, Yodlee states: “Safer, more efficient online transactions are in ever increasing demand by financial institutions and consumers alike, presenting a significant opportunity. The miiCard Digital Passport is another terrific example of an innovation on the Yodlee 10 platform that we believe will help bring consumers and financial services providers closer together, in a way that is beneficial to both.”

Owned and managed by the individual, miiCard allows the consumer to track, monitor and so take control of their online identity for the first time. miiCard is free to the consumer and charged to the vendor on a transactional basis.

miiCard introduces the concept of online trust, enabling customers to buy financial products completely online, in a single session, for the very first time. Participating financial services providers can expect improved customer conversion rates, reduced abandonment, lower operational costs and fewer incidents of fraud.

www.miicard.com

miiCard is a unique digital passport for the consumer that proves “I am who I say I am” in real time, for the first time to Anti-Money Laundering, Know Your Customer Regulations and the Proceeds of Crime Act standards.

Owned and managed by the individual, miiCard allows the consumer to track, monitor and so take control of their online identity for the first time. miiCard is free to the consumer and charged to the vendor on a transactional basis.

miiCard, a patent pending global solution, is soft launching to the financial services industry with Sibos its first public outing. miiCard’s aim is to eradicate the final barrier to global trade, the need for offline proof of identity, before a financial product can be purchased.

Every day between 70% and 90% of online financial transactions are abandoned when the customer is asked to complete the transaction offline by taking their driving license, passport or utility bill into their local bank branch.

James Varga, miiCard’s Founder explains: “The internet world facilitates anonymity not trust. Our challenge today when conducting business, fighting fraud and protecting the customer is to create trust between business and consumer without resorting to physical offline identity validation”.

miiCard introduces the concept of online trust for the first time, allowing customers to buy financial products completely online. This will improve conversion rates, cut operational costs and fight internet fraud.

SWIFT is looking for start-ups with a compelling and radically innovative B2B offering and miiCard will have the opportunity to pitch their solution to the SWIFT incubation team. The best start-ups and ideas are brought together in this “dragon’s den” to share and discover the ideas and dynamics at the cutting edge of financial services today. Sibos is an annual member event for over 8,000 financial services senior professionals and the trade media.

miiCard will deliver demonstrate its product between 10.00 and 10.30, on Tuesday 26 in the Innotribe theatre on the SWIFT stand.

www.miicard.com

“The most important message I took from the Chancellor’s announcement today was his desire to help people take control of their own money and save.

“For many households robust budgeting will be more important than ever. By having a clear picture of our monthly income and where that money goes it will be much easier to cope with the challenges this spending review brings.”

About Money Dashboard

Money Dashboard is a free online personal finance service for the UK consumer. It brings a person’s bank accounts, credit cards and store cards together in one service – giving a clear up to the minute picture of their personal finances.

Consumers can access it from any PC and by spending just ten minutes a month it allows them to track spending, set budgets and helps them save. It will also send email alerts of budget overspend, suspicious transactions or important events.

Independent of banks, building societies and lending organisations, Money Dashboard is the consumer’s friend. It puts people in control of their finances and helps them identify suitable products and ways to save.

Money Dashboard was launched in 2006 by CEO Gavin Littlejohn and is backed by a heavy weight management team including Non Executive Chairman Stuart Sinclair, former CEO of Tesco Personal Finance and David Robinson, founder and former CEO of Bright Grey.

For more info visit

Gavin Littlejohn, Money Dashboard's CEO

For the first time testers will get a feel for how Money Dashboard will finally look when it launches next Spring. Users can aggregate their bank accounts, tag transactions and use the budgeting tools provided. A forum to provide feedback is also now live.

Money Dashboard is a free online personal finance service for the UK consumer. It brings a person’s bank accounts, credit cards, store cards and loans together on one screen – giving a clear up to the minute picture of their personal finances, making it the one place to manage your money.

Consumers can access the Money Dashboard application from any PC and by using it for just ten to fifteen minutes a month it allows them to track spending, set budgets and helps them save. It will also send email and text alerts of budget overspend, suspicious transactions or important events.

Independent of banks, building societies and lending organisations, Money Dashboard is the consumer’s friend. It puts people in control of their finances and helps them identify suitable products and ways to save.

The feedback from Money Dashboard’s testers will help shape the final product and ensure that it can put the UK consumer back in charge of their own finances.”

Money Dashboard will be rolling the service out to those that are currently signed up over the next few weeks – applications for access are still being accepted at www.moneydashboard.com/signup.aspx.