Privacy rules for mortgage lenders are surprisingly complicated. BCMGlobal, an end-to-end service provider for the mortgage industry, found a solution in Hyarchis’s KYC products.
Part of Link Group, listed on the Australian stock exchange, BCMGlobal has been active in the Netherlands since 2019 as a service provider in the buy-to-let mortgage segment, where it has become the market leader. Its platform for residential mortgages is now also completely up and running, says managing director Gijs van Reeden.
At the start, BCMGlobal had set a goal to have the entire platform fully working within six months and to bring the first three customers live. To achieve this ambitious goal, Gijs quickly realized that BCMGlobal needed the right IT partners. ‘We don’t build everything ourselves, but we do want to have all the best toolsand integrate them on one platform.’
Don’t scratch it out
BCMGlobal sought to link up with suppliers of IT solutions. They quickly turned to Hyarchis for document creation and management. But they didn’t stop there. ‘We are strategically committed to further developing our platform,’ says Gijs. ‘So when the issue of blurring sensitive client data came up, we turned again to Hyarchis.’ Storing sensitive client information comes with strict rules for privacy protection. Carin Pronk, product owner at BCMGlobal, explains what those rules are: ‘According to the GDPR, a mortgage lender is only allowed to store a consumer’s BSN number if that consumer is a customer. And according to the law you are only a customer once the mortgage agreement has been signed. This complicates matters, because during the acceptance process, a provider needs documentation that contains that BSN number, such as a passport or an employer’s statement. So the provider may request those documents, but not the BSN number on them! And the law says that the recipient must address the problem. It is not enough to ask the customer or the intermediary to please scratch that out before they send it in.’
Heading in the same direction
Hyarchis’s KYC solutions have a tool that automatically makes personal information such as social security numbers unreadable. This makes it the perfect solution to the problem BCMGlobal was facing. As anew kid on the block, BCMGlobal is not bothered by legacy systems and other past burdens and was therefore able to easily implement these types of solutions, says Gijs. ‘All our technology is fully scalable and is in the cloud. What we want to do now is to take the next step from document-driven working to data-driven working. Hyarchis is also heading in that direction, so we really found each other there.’
Gijs and Carin will take ‘heading in the same direction’ quite literally, as next Monday they will leave for Lithuania. Together with the Hyarchis team on site they will investigate what other options there are for integrating Hyarchis solutions into the BCMGlobal platform. ‘There are still huge gains to be made for us,’ says Carin. ‘We are going to look at how we can work with Hyarchis on this.’
