What is Electronic Identification Verification (eIDV)?
Electronic identity verification (eIDV) is the process of confirming a person’s identity digitally using a computer or mobile device. It replaces traditional, in-person document checks by crossreferencing user data with sources such as authoritative databases, biometric scans, and credit history. eIDV is designed to help prevent fraud, protect consumer data, and help satisfy compliance standards like Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations
Who is required to go through the eIDV process?
All participants (Buyers, sellers, lawyers, agents, mortgage brokers, etc.) that have been invited to a deal room are required to go through the eIDV process before they can participate in a deal room
Are Agents / Brokerages / Staff required to go through the eIDV process?
No. Agents, Brokers & Staff are not currently required to go through the eIDV process
Why do participants have to go through the eIDV process?
This helps to keep the environment secure with verified participants and prevents unauthorized access. This is an additional security measure used within the REALM Verified Transactions Platform.
Does the eIDV process have a cost?
Yes. It will cost approximately $6.50 to process an eIDV request.
Who pays for the eIDV?
There are two options:
1. End user pays – invited participants will be prompted to pay for an eIDV when they first attempt to login
2. Agent / Brokerage pays – Agents inviting participants to a deal room can pay on behalf of the participant immediately after they are invited
Are completed eIDV reports made available?
No. The use of eIDV is an additional security measure used within the REALM Verified Transactions Platform. The platform stores a Pass/Fail indicator for each participant which has been provided by the eIDV provider following the identity review.
Do participants have to complete an eIDV for every deal room?
No. If participants have a valid eIDV they can participate in any amount of deal rooms.
Do eIDV’s expire?
Yes. eIDV’s expire after 1 year, or if a piece of identification that was used has expired.
Who provides eIDV services:
Two vendors have been selected to conduct eIDV services. Treefort and Fintracker. This provides choice for users. The platform will be launched with Treefort and Fintracker will follow
How eIDV works in REALM Verified Transactions
How does electronic ID Verification (eIDV) work?
When participants are invited to a deal room, the system will prompt them to verify their identity using third-party eIDV tool. Without completing eIDV, users cannot access the deal room.
Step 1: Invite Participants to a new or existing Deal room Create a new contact or and an existing one & Save Participants
Step 2 (Optional): Prepay for the invited participants eIDV You can prepay for any invited participant. Click on the orange shield once the participant has been added to initiate the pre-payment process. If prepayment is not initiated, the invited participant will be required to pay the eIDV fee to gain access.
Once you click on the orange shield, you will be prompted to start the IDV process on behalf of the invited participant via a payment screen
End users eIDV status is always available beside their name
Step 3: Once initiated, all participants will be automatically emailed by the system to join the deal room (invitation and links provided within the email) and will also be sent an email link from the eIDV provider to initiate the processStep 4: Once the eIDV process is complete and a PASS indicator is returned, the participant will gain access to the platform. If they do not pass the eIDV, they will not be granted access
A copy of these FAQs are available in pdf - see attached.