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
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