ATLANTA, Oct. 13, 2021 /PRNewswire/ -- Equifax (NYSE:
EFX) today announced the launch of its new Digital Identity as a
Service capability as well as an Innovation Partnership with
Bonifii as a first adopter of the new solution.
"The Equifax Cloud™ is helping our partners and customers
address the evolving fraud landscape and deliver innovative
solutions to today's market challenges faster than ever before,"
said Bryson Koehler, Chief
Technology Officer at Equifax. "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."
Equifax Digital Identity as a Service combines data and
analytics with modern cryptography to provide a higher degree of
trust without sacrificing user experience. Adding Digital Identity
as a Service to Bonifii's MemberPass® will help enable credit
unions to more confidently onboard members.
"There's a common misconception that financial institutions must
choose between mitigating fraud risk and acquiring new customers,"
said Adam Gunther, Senior Vice
President of Global Identity and Fraud at Equifax. "With Digital
Identity as a Service it's possible to achieve both with greater
identity assurance through optimized technologies."
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 only Equifax can
provide.
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. Bonifii's technology helps enable trusted
peer-to-peer digital interactions among financial institutions, and
helps them meet complex data demands while minimizing friction and
supporting growth.
"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 and will help 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 holistic solution.
The Innovation Partnership is an example of technology-driven
co-innovation that benefits all parties, particularly consumers.
Bonifii will be the first of many organizations to
participate.
For more information on Equifax Identity and Fraud Solutions,
visit equifax.com. For more information on Bonifii MemberPass,
visit bonifii.com.
ABOUT BONIFII
Denver-based Bonifii is the financial
industry's first verifiable exchange network designed to enable
trusted digital transactions using open standards and best-of-breed
and security technologies. Its mission is to provide a premier
digital network of peer-to-peer financial exchange for financial
cooperatives. The network brings a high degree of assurance to the
exchange of value between peers over the Internet and other digital
networks and streamlines processes affected by expensive,
inefficient, proprietary and siloed systems. For more information,
visit Bonifii.com
ABOUT EQUIFAX INC.
At Equifax (NYSE: EFX), we
believe knowledge drives progress. As a global data, analytics, and
technology company, we play an essential role in the global economy
by helping financial institutions, companies, employers, and
government agencies make critical decisions with greater
confidence. Our unique blend of differentiated data, analytics, and
cloud technology drives insights to power decisions to move people
forward. Headquartered in Atlanta and supported by more
than 12,000 employees worldwide, Equifax operates or has
investments in 24 countries in North America, Central
and South America, Europe, and the Asia
Pacific region. For more information,
visit Equifax.com
FOR MORE INFORMATION
Kate
Walker for Equifax
mediainquiries@equifax.com
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SOURCE Equifax Inc.