Equifax has launched a Digital Identity as a Service capability, The Equifax Cloud.
Equifax Digital Identity as a Service combines data and analytics with cryptography to help provide a higher degree of trust “without sacrificing user experience.”
Bryson Koehler, CTO at Equifax said businesses worldwide are challenged with detecting increasingly sophisticated fraud attempts, “and the cloud enables secure and scalable real-time insights and decisions that simply aren’t possible in a non-cloud environment.”
“There’s a common misconception that financial institutions must choose between mitigating fraud risk and acquiring new customers,” said Adam Gunther, SVP of global identity and fraud at Equifax.
“With Digital Identity as a Service it’s possible to achieve both with greater identity assurance through optimised technologies.”
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The goal is that Digital Identity as a Service gives consumers greater control over what information is shared, enhances protections against synthetic identity fraud and third-party account takeover, and strengthens user profiles with differentiated data from Equifax.
Equifax has signed a partnership with Bonifii, a verifiable exchange network for the financial industry, as a first adopter of the new solution. The firm says that adding Digital Identity as a Service to Bonifii’s MemberPass will help enable credit unions to more confidently onboard members.
Credit unions interact with members across a number of channels, including websites and mobile applications, call centers, ATMs and branch drive-through lanes. MemberPass gives credit unions control over identity authentication while protecting personal data. It assigns members a digital credential that serves as verification for contact center interactions, loan applications and financial transactions. Denver-based Bonifii’s technology helps enable trusted peer-to-peer digital interactions among financial institutions, and helps them meet complex data demands while minimising friction.
“When credit union members authenticate with a MemberPass ID, we want to be certain they are who they say they are,” said Bonifii CEO John Ainsworth. “Working with Equifax will allow MemberPass to help credit unions have the confidence to grow their businesses by saying “Yes” more to good consumers. That is the aspiration of this Innovation Partnership.”
Equifax Digital Identity as a Service gives credit union members more control over their information to facilitate faster and easier user experiences for previously onboarded users. Functionality from Equifax’s suite of identity protection products including Digital Identity Trust, Document Verification and the recently acquired Kount Identity Trust Global Network are incorporated into the new solution.