Local RegTech company, Tiller Technologies, have announced their new international address verification technology, which was developed for and is now being used by HSBC Expat. It is now available to global businesses looking to break down the borders between themselves and their customers through Tiller’s product, ‘Verify by Tiller’.

This presents a massive coup for Tiller Technologies, and by extension, for Jersey as a whole, displaying our small island’s penchant for world-class innovation.

The JFSC has been encouraging towards the use of E-ID providers, holding a questionnaire in 2021, followed by a consultation on increasing its adoption in 2022. The consultation in particular outlined that greater E-ID adoption in Jersey would ‘improve the accuracy and reliability of CDD processing within Jersey’ and allow compliance resources to ‘be focused on higher value tasks’.

It also comes hot on the heels of the Government of Jersey’s RegTech ‘Super-Deduction’, which provides a 150% tax deduction on any costs related to the adoption of RegTech. You can find more information on this initiative here: RegTech super-deduction (gov.je).

Jonathan Wauton, Co-Founder and CEO of Tiller Technologies, said that the solution “addresses the unique challenges of combining local and international address verification and significantly enhances time-consuming manual document verification processes, which, in turn, improves the subsequent customer experience”.

Nicola Gardner, head of digital at HSBC Expat, added: “Incorporating an automated address check solution into our onboarding process reflects our commitment as a bank to provide a fully customer-centric approach.

“Our aim is to enhance the speed and efficiency of onboarding for our customers, wherever they are in the world. It also underlines our ambition to drive our own growth safely through the adoption of digital solutions that align to cross-border regulation.”

Deputy Ian Gorst, the Minister with political responsibility for Financial Services, said: “The Jersey government is actively working with financial institutions and regulated businesses to promote the adoption of cutting-edge technology, such as digital onboarding services, for improved operational and regulatory practices.

“As such, I am really pleased to see this Jersey-based initiative.”

If you would like to find out more about this exciting development, visit https://www.tiller-verify.com/news.