Westpac announced the following changes to how Brokers can perform Identification Verification (IDV) and Verification of Identity (VOI). These changes went live on Wednesday 29 May 2024.
NextGenID Enhancements
Westpac has simplified their identification (ID) requirements within NextGenID so customers will now only be required to provide one photo ID (rather than two). NextGenID is also being uplifted to allow three attempts by the customer to capture their ID and will only request a second photo ID when the customer fails all three attempts.
These changes will increase the pass rate for NextGenID, providing a more seamless experience for the Broker as well as their customer.
Westpac (Brand) Broker Agency Agreements
Brokers will now be able to act as an agent of Westpac and complete IDV for customers that are new to the bank.
This change will remove the need for a customer to go to a Westpac branch to fulfill IDV requirements.
Verification of Identity Simplification
Westpac is updating ApplyOnline to include a VOI attestation for the Broker to complete when they have been able to meet the customer face-to-face.
This change will remove the need for the Brokers to complete the manual VOI form.
Video Conference IDV & VOI Exception Process
Westpac is introducing a new exception process for Brokers to utilise when the customer has failed the NextGenID requirements and they are unable to meet face-to-face due to the customer living in a remote location or in a vulnerable circumstance.
Brokers will be able to email Westpac prior to submitting the application and request an exception to the standard IDV and VOI processes. Once the exception has been approved, the Broker will be able to complete IDV and VOI by having a video conference with the customer.
This process is only to be used once the Broker has received explicit approval from Westpac and the approval must be included in their submission.
For further detail, click here.
If you have any questions, refer to your Vow Financial BDM.
