Equifax, the consumer and business insights expert, announces the latest development in its partnership with consents.online, integrating Equifax Bank Account Verifier into the Open Banking journey.

The new solution means identity information such as the consumer’s name, address and date of birth, can for the first time be matched with transaction data provided through Open Banking in real time. This will help reduce fraud, allowing credit providers using Open Banking to confirm that account information belongs to the person applying for credit, and not a potential fraudster.

Equifax Bank Account Verifier compares the sort code and account number taken from the customer’s online bank account to Equifax’s extensive current account database. The name and address details associated with the bank account are then compared to the details provided by the customer during the credit application. This links the transaction data back to an individual, performs an anti-impersonation check and helps verify the customer’s identity. 

HSBC UK, as an early adopter of the Equifax and consents.online Open Banking service, is now testing the new verification process as part of its on-boarding solution to further streamline its digital journey customer application process.

Jake Ranson, Banking & Financial Institutions Expert and CMO at Equifax UK, said: “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. 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 (EBAV) closes this gap, helping the industry make the most of the new data sharing in a more secure environment.

“The products and solutions we can deliver through our partnership with consents.online showcase the consumer benefits of Open Banking. 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.”

Emma Steeley, CEO for consents.online, said: “We have been delighted with the response from companies wishing to innovate using the data available from Open Banking so far. 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.”