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Payments General

Equifax launches real-time open banking ID checks

Wednesday 31 October 2018 | 12:06 PM CET

US-based credit referencing agency Equifax has teamed up with consents.online to allow it to match customer data and transactions in real time.

It will be used within Equifax’s bank account verifier system that lets lenders compare sort codes and account numbers to its own database. Users will be able to match identity information such as the consumer’s name, address and date of birth with transaction data provided through open banking, helping them verify who someone is faster and help avoid fraud.

Equifax representatives have stated that part of the challenge is educating consumers on what open banking means in real life, and a streamlined customer identity verification process that helps them get a faster credit decision is a great example.

Consents.online is already regulated by the Financial Conduct Authority as a registered account information service provider and works with lenders such as HSBC and the East Sussex Credit Union

More: Link
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