Solution

Open Banking

Helping businesses use transaction data to drive better customer understanding, better decisions and better products.

Open Banking Solutions for Businesses

Equifax have partnered with AccountScore to offer a suite of Open Banking solutions to convert consented transaction data into actionable insights.

Open Banking lets your customers share their transaction data with you quickly, reliably and securely, and can help provide better customer journeys, reduce the time taken to source documentation from weeks to minutes, enable a more granular affordability assessment and promote financial inclusion.

A few clicks are all it takes to open up a world of possibilities and create better outcomes for everyone. We give our clients the tools they need to create an Open Banking journey that is right for their business and provide a better customer experience.

Id Verification

We can help you implement seamless and reliable customer authentication at the point of application reducing effect of fraud.

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Affordability Assessment

Open Banking offers a real-time view of your customers finances to help you make a more accurate assessment of afforability based on a variety of income and expenditure insights. Making it easier for customers with little or no credit history to prove affordability can also increase your acceptance rates.

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Collections Management

Using Open Banking insights we can pre-populate standard financial statements to enable much more effective income and expenditure assessments at the debt recovery stage. Saving time and inconvenience for your customers, as well as significantly reducing your operational costs.

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Open Banking as a Service

Delivers a quick and affordable way to implement a secure end-to-end Open Banking solution without the need for any technical integration, allowing you to assess the benefits of using Open Banking.

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Key use cases to commercialise Open Banking

ID Verification

Credit risk decisioning

Affordability assessment

Collections management

The power of partnership

At Equifax we recognise strong partnerships can help us build true value for our customers.

Equifax in partnership with AccountScore have successfully deployed live Open Banking solutions addressing key use cases for our clients to support consumer and SME lending across all verticals.

The success of the partnership and has been recognised by multiple high-profile industry awards by demonstrating some impressive credentials, including:

Open Banking

First live

use case in a credit journey

Live with more than

50 clients

using Open Banking

Already processed

100 million

rows of transaction data

First Open Banking

Solution

for ID Verification

This experience has enabled us to create enhanced customer on-boarding processes for our existing clients, helping them improve their customer experiences and help drive growth.

Working together we are able to combine our data assets, analytical expertise and innovative digital technologies to provide an accredited Open Banking platform which will help you commercialise the use of transaction data.

Open Banking Solutions for Businesses

Learn more

Id Verification

Affordability Assessment

Collections Management

Open Banking as a Service

Resources

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