Core Banking

Equifax Acquires AccountScore, a Transaction Data Analyticsand Open Banking Company

In order to improve Open Banking and insights competences of the company, Equifax, Inc. (NYSE: EFX) has recently acquired AccountScore Holdings Limited, a transaction data analytics company.

This acquisition will help the company to enhance commercial and consumer products offerings. This would be made possible with the assistance of AccountScore in combining Equifax’s traditional credit bureau information with bank transaction data.

This integration also benefits Equifax clients from the higher rates of digital and automated income verification by using the available up-to-date information. This benefit will make the clients get more inclusive and predictive credit scoring and to carry out granular assessments of expenditure and affordability.

For customers, this combined data approach would strengthen the capacity of a person to demonstrate their creditworthiness by allowing for the consideration of information that is not currently used. For those with 'thin' credit files, this strategy allows financial inclusion, increasing their possible access to credit at a time of considerable financial uncertainty.

"This is actually thrilling growth for Equifax and the AccountScore acquisition, our lasting partner in open banking, is a usual next step as we endure to enlarge our analytics and data abilities," said Equifax president of Europe, Patricio Remon. "AccountScore is a ground-breaking company with an established track best of building advanced Open Banking platforms and this signs our promise to unceasingly change and hold planned innovation to backing our clients' digital transformation, and will carry many benefits for their clients."

"More than 2.5m UK customers and industries now use Open Banking-enabled goods to accomplish their finances, make payments and access credit. This development is helping to authorize a group of consumers, providing them more switch over their own monetary information, proposing them greater admission to a broader range of monetary products and making it much cooler to fulfill simple digital claims."

"Equifax and AccountScore and have a recognized and successful corporation, having cooperated on a number of offerings and products for kore than two years," said CEO of AccountScore, Emma Steeley. "This acquisition permits AccountScore to hurry its development and reach to new clients, sponsored by an influential global corporation."

"Open Banking is improving day by day, with the acceptance in both the SME markets and consumer rising fast on each month. We have seen moneylenders control improved credit choices and account administration procedures by means of Open Banking to eventually better service each of their clients."

ABOUT EQUIFAX
As an analytics, global data, and technology company, by helping companies, financial institutions, government agencies, and employees, Equifax play a major role in the economy globally especially in making timely and critical decisions with confidence. We give power to people to move forward confidently through insights from our unique blend of analytics, differentiated data, and cloud technology. We are headquartered in Atlanta with more than 11,000 employees globally and have investments in more than 25 countries.

ABOUT ACCOUNTSCORE
AccountScore (AccountScore Holdings Limited) is an extremely ground-breaking global data and analytics corporate that provides useful analytics and insights for clients on bank transaction data. We provide accurate, easy, and reliable analytics on transaction data, which is either directly imported or sourced online data.

Spotlight

Digitalization is not new. It has just meant different things throughout the years, as we made the shift from typewriter to computer, from fax to email. Every technological evolution marks an uptick in productivity and performance. And the most successful and resilient businesses make sure they are ready to accept the challenge


Other News

Dom Nicastro | April 03, 2020

Read More

Dom Nicastro | April 03, 2020

Read More

Dom Nicastro | April 03, 2020

Read More

Dom Nicastro | April 03, 2020

Read More

Spotlight

Digitalization is not new. It has just meant different things throughout the years, as we made the shift from typewriter to computer, from fax to email. Every technological evolution marks an uptick in productivity and performance. And the most successful and resilient businesses make sure they are ready to accept the challenge

Resources