Equifax and Consents Online in open banking pact
Equifax has formed an alliance with account information service provider (AISP) Consents Online to let UK consumers and small businesses manage the sharing of their financial information.
The firm will use Consents Online’s open banking platform – which has already been used by HSBC UK in May, when the bank created the “first live” use case of open banking for credit applications using the InterConnect cloud platform from Equifax.
Through the Consents Online app and website customers have full sight of all permissions granted, for what purpose, and can allow access to be revoked, paused or extended at any time.
Jake Ranson, CMO at Equifax, says: “The vision for open banking is to enable people to unlock the power of their data to make the most of their money, giving them more transparency, control, security and access to help.”
He adds – with his marketing hat wedged firmly on: “This can be achieved when the extensive data Equifax already holds is harmonised with bank transaction data. Our detailed evaluation identified Consents Online as the stand-out candidate to make this a reality, thanks to its long history and deep expertise in working with transaction data globally.”
Equifax is also using Consents Online data analytics platform, AccountScore, which specialises in transaction data analytics for consumer and business lending.
This includes solutions which remove the need for manual payslips; can categorise transaction data; and notify financial service providers of events in a customer’s life which could alter their requirements.
