An electronic ID and KYC verification tool which could help companies in regulated and supervised sectors has been launched in the Island.

The ‘Verify by Tiller’ solution was developed by Jersey-based Tiller Technologies Ltd to help businesses streamline the customer onboarding process.

It has already being used successfully by many offshore financial services, accountancy and legal firms and been praised by the government in Jersey for helping to improve the Crown Dependency’s operational and regulatory practices.

The recent Isle of Man launch event, held at the Santander Work Café in Douglas, was attended by representatives from firms in sectors that can benefit from E-ID tech.

Tiller Technologies chief executive Jonathan Wauton and the company’s growth officer Julia Cowan led presentations and answered questions from guests.

Jonathan said: ‘We specifically built this platform to work in both the Crown Dependencies and international markets, so we’re delighted with the response to the launch and must say a big thank you to everyone who attended.

‘Based on the launch event, and the success of Verify by Tiller in Jersey and Guernsey where there are similar challenges and opportunities, we’re very encouraged by the initial feedback here in the island.

‘We’re looking forward to continuing the conversations which began at the launch as we look at how we can help Isle of Man regulated and supervised businesses to keep pace with competitors, and with a rapidly evolving local and international regulatory landscape.’

The Verify by Tiller launch presentation included an explanation of how digital E-ID technology works and why it’s being adopted globally as a preferred approach to managing KYC.

Jonathan Wauton gave a practical demonstration of Verify’s functions which include core ID verification, geolocation and a one-time PEP (politically exposed persons) and sanctions check.

He explained how additional add-ons such as UK, Isle of Man and international address verifications and adverse media checks can be added to provide a customisable service that’s tailored to meet specific business needs.

Earlier this year Tiller announced that it was collaborating with HSBC Expat to support its ambition to ‘deliver digital frictionless onboarding’ for customers across multiple jurisdictions worldwide, while at the same time ensuring compliance with the highest global regulatory standards.