Jun.07, 2010

Equifax has developed a new range of powerful risk decisioning tools that tackle the historical issue of having access to quality risk management solutions, but at prices that are affordable for smaller businesses.

The new Equifax InterConnect solution comprises a suite of decisioning modules, enabling businesses to only pay for the applications they need to use, whilst also giving them access to the core Equifax consumer credit intelligence.

Previously, integrated decisioning solutions have proven too costly for many organisations, especially those handling lower volumes of applications. This is primarily because they would have to take a complete solution, probably encompassing functionality that they were unlikely to use.

With Equifax InterConnect, organisations have access to a new breed of integrated risk decision tools that offer a powerful solution, at an affordable price. And the flexibility and scalability of InterConnect means that organisations can implement additional modules either singularly or in combination to meet their specific requirements as their business evolves.

InterConnect offers a powerful range of 'starter kits', which address a number of common requirements. These encompass the areas of credit risk, Anti Money Laundering, fraud identity verification and address resolution. 

Each starter kit includes all the base key elements that any organisation needs in a decisioning solution, as well as the module for their specific application. The result is a solution that gives mid-market and niche lenders direct access to Equifax consumer credit intelligence, without requiring heavy investment in systems development.

Karen Bowland, Product Manager, Equifax, said:

 “There are a number of mid-sized and specialist lenders operating in the consumer market who want the power of high quality bureau data, but neither have the time nor the financial resources to opt for a fully integrated application processing solution - until now.

"A number of larger lenders also need solutions for niche products and services to comply with legislation, such as Anti Money Laundering. But they generally don't have the volumes of applications to justify major systems development.

“Equifax InterConnect provides the system-to-system integration that is essential in today's fast-moving credit market, giving lenders access to the intelligence they need for good credit decisions, with easy implementation and cost-effective pricing.” 

Through InterConnect, businesses gain access to a comprehensive level of Equifax data, from basic Electoral Roll information through to its full range of consumer products including SIRAN and the suite of RN4 scores. It can also incorporate eID, creating a unique solution that allows users to combine authentication and credit checking in one application – all in real-time.

And it includes the facility for the integration of client specific information into the decision flow, utilising the most relevant data for consistent results.

Karen Bowland continued:

“With InterConnect, clients only pay for the functions they need, which we think is going to be a key driver as budgets continue to take the strain of the recession.

"Importantly, InterConnect allows users to make their own policy changes when they require them, allowing them to react quickly to changing market conditions.  This is vital in today's economy.

“The launch of InterConnect is part of Equifax's ongoing commitment to bringing the industry innovative products that meet the changing needs of the market, offering the right level of flexibility and affordability without compromising on quality.”