CREDIT referencing agency Equifax has teamed up with Open Banking technology provider 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.
Read more: Lenders gear up for Open Banking revolution
“Since the implementation of Open Banking at the start of the year we’ve seen more and more consumers willing to share their current account data digitally to access new products and services,” Jake Ranson, banking and financial institutions expert at Equifax, said.
“In our work with clients to develop their Open Banking solutions we uncovered an important gap in the process, as identity information isn’t provided through application programming interfaces (APIs).
“Equifax bank account verifier closes this gap, helping the industry make the most of the new data sharing in a more secure environment.
“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.
“We have been delighted with the response from companies wishing to innovate using the data available from Open Banking so far,” Emma Steeley, chief executive of consents.online, said.
“Combining the Open Banking data with Equifax bank account verifier has enabled us to launch the first live ID check in the Open Banking market.
“It is extremely exciting and showcases our continued evolution in our strategic partnership to deliver the best in class Open Banking solutions.”