EQUIFAX CHOSEN BY DERBYSHIRE BUILDING SOCIETY
Equifax's eIDverifier to provide vital anti-money laundering service
London, August 6 2004 - Leading authentication services provider, Equifax Plc, has been chosen by The Derbyshire Building Society to provide it with electronic customer authentication and re-verification services to help it tackle the threat of money laundering. This new agreement confirms Equifax's position as a leading name in anti-money laundering solutions, and enables The Derbyshire to comply with Financial Services Authority (FSA) requirements to re-verify existing customers as well as verify new accounts.
The Derbyshire opens a significant number of new accounts each month. All of these accounts must be checked to verify the identity and address of each customer. Through Equifax's online consumer authentication system, eIDverifier, The Derbyshire has been able to replace the more traditional and less efficient methods of verification such as obtaining copies of passports and utility bills, resulting in a faster, more efficient and more cost-effective solution.
Roy Masey, Head of Compliance of The Derbyshire comments, "A number of financial institutions have recently been censured for not complying with the FSA regulations, so it is imperative that we have an authentication system we can rely on. As an online system, Equifax's eIDverifer allows us to verify our customers quickly and efficiently, with the minimum of inconvenience to them.
"What's more, our staff find the system very easy to use, saving huge amounts of time and enabling us to meet the regulatory requirements, whilst at the same time delivering an enhanced level of service to our customers."
Neil Lewis, Head of Fraud Services of Equifax comments, "Money laundering is a very real threat to organisations such as the Derbyshire Building Society and Equifax is committed to creating services that help minimise that threat. eIDverifier offers a fast, effective solution and helps a range of financial service providers deal with the growing focus on anti-money laundering regulations as well as improve its customer service."
