miiCard appoints ex-RBS and Lloyds bankers to lead verification service

30 July 2012

Online identity verification vendor, miiCard, has appointed Stephen Brannan as its new chairman. The former director of group technology at RBS will be joined by Tim Bullock as a non-executive director. Bullock was formerly the managing director of personal and retail finance at Lloyds TSB Asset Finance.

The appointments follow a period of growth, says the Edinburgh-based company as demand to prove real identities online continues to build alongside growing internet purchases and banking services. In May, miiCard secured £1.6 million from a mix of angel and venture capital investment groups to support the company’s expansion into the US and accelerate the marketing and hopefully uptake of its core ‘digital passport’ offering. This identifies online consumer and business users without recourse to a physical proof document, providing a registered authentication service for online transactions and to speed up anti-fraud, anti-money laundering (AML), know your customer (KYC) and other regulatory procedures.

Brannan was previously director of group technology at RBS and, more recently, director of separation business services responsible for migrating the integration and division of resources between RBS and ABN Amro, following its expensive acquisition at the peak of the market. Commenting on his new roles as company chairman, he said: “miiCard is a solution to the growing problem of online identity verification, allowing individuals and organisations to prove instantly that ‘I am who I say I am’. It effectively acts as an online passport and we’ve used open standard tools to build the product set, making it easy for online financial service providers to adopt miiCard as part of their own service. I see miiCard as an ‘integrator of trust and transparency’ online, which are highly valued commodities right now.”

The new non-executive director at MiiCard, Tim Bullock, is co-founder of New Wave Ventures and has over 33 years of experience in banking and finance. After six years in specialist business finance with Barclays, he worked at Lombard Bank in marketing and processing techniques. During 14 subsequent years as a managing director with Lloyds, he led his business through a period of rapid growth to become the most profitable in its sector, prior to its hurried purchase of the ailing Halifax Bank of Scotland (HBOS) group and its debt in the teeth of the banking crisis of 2008. According to Bullock, “facilitating secure online transactions is a key issue for the financial services industry. It follows that there has to be a reliable process for online identity verification, not only for financial services, but also for other activities such as online trading, dating, social networking and commercial dealing. I have a clear idea of where miiCard fits into the mix and [I believe] it has a great chance of being hugely successful.”

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