Special Report: The deal marks a strong run of new client wins for Xref subsidiary RapidID.
HR tech platform Xref (ASX:XF1) has continued its strong momentum into FY21, signing a new deal with Australian tax services giant H&R Block.
The agreement marks another new line of business for Xref subsidiary RapidID, the market-leading ID verification and fraud prevention platform.
RapidID’s core product offering is an integrated platform with the capacity to run checks across 100 billion identity records in 180 countries.
It also provides an anti-money laundering and know-your-customer (AML/KYC) service, ID documents verification and biometric testing.
Along with H&R Block, RapidID has booked in a string of recent client wins including Uber, JudoBank, Experion and SunSuper.
H&R Block ‘challenge’
As one of Australia’s most established tax-services providers, H&R Block runs its business through a network of 450 offices across the country.
Commenting on the deal, H&R Block National Field Director Arvind Vasudevan said the company “challenged” RapidID to build out a customised platform that would incorporate the Department of Home Affairs’ Document Verification Service.
The platform also had to be completed in a very tight time frame, to be operational by the start of the 2021 financial year.
“What RapidID delivered was an easy-to-use tool for our customers to verify their ID from anywhere, using just a mobile phone,” Vasudevan said.
“The solution was simple to roll out and adoption levels have been excellent,” he said, adding that delivery was “on time and on budget”.
Vasudevan said a tech solution to ID verification was given top priority in the wake of the COVID-19 pandemic, where background checks that ordinarily would’ve been done at a H&R Block office now had to be completed remotely.
“Using RapidID, H&R Block consultants are able to digitally verify a client’s ID, which enables a far more efficient and client-centric KYC process,” he said.
And “crucially, RapidID has also made it easier for our clients to engage our services from anywhere in Australia”.
Dual advantage
RapidID Director David Haines said the company’s ability to win large clients such as H&R Block came down to two key advantages.
The first is that it’s “simple and easy to use” – as evidenced by the fact H&R Block was able to seamlessly roll the solution across its national network with fast customer adoption.
“Secondly, our business has the knowledge and agility to deliver customised solutions and keep pace with the constant evolution of digital identity,” Haine said.
“With the impact of COVID-19, and the new tax year looming, we needed to move fast, be adaptable and deliver to a strict deadline.”
For Xref, the 2019 acquisition of RapidID is now paying strong dividends as the company builds out a multi-channel recruitment platform.
The business is finding momentum with a strong cash position and a streamlined operating model that generates global revenues.
And investors are starting to take notice, with Xref shares climbing almost 30 per cent over the past week.
Xref CTO Tim Griffiths said the H&R Block deal is evidence of the company’s ability to respond to the “New Normal” in the wake of COVID-19.
The team at H&R Block were able to leverage Xref’s knowledge of development, integration and user experience to best answer the brief and bring about a positive and sustainable return on investment to their business,” he said.
This article was developed in collaboration with Xref, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.