Credit reference agency Equifax has partnered with regtech provider HooYu to expand its range of identity and fraud tools.
The move means that peer-to-peer lenders and other regulated firms using Equifax to assess users will be able to better meet anti-money laundering compliance requirements and spot fraud.
HooYu’s services include ID document validation, digital footprint analysis, proof of address matching, facial biometrics, geolocation and identity confidence scoring.
“By partnering with HooYu, we can simplify and improve know-your-customer journeys for our clients, helping them to enhance end-user experience, safeguard future income streams, protect against the increasing threat of fraud, and meet regulatory standards,” Keith McGill, head of fraud and ID at Equifax, said.
David Pope, marketing director at HooYu, said its service is crucial at a time when face-to-face contact is restricted.
“The march towards digitalisation is gathering pace, especially at this difficult time when many financial services providers and professional services firms have lost their face-to-face onboarding channel while in Covid-19 lockdown,” he said.