Equifax has rolled out a new Digital Identity-as-a-Service capability, along with a new partnership with Bonifii as the first to adopt the tool, according to a press release.
Equifax’s Digital Identity-as-a-Service puts together data and analytics with modern cryptography, enabling a higher degree of trust without sacrificing the user experience, the release stated. Bonifii will add it to its MemberPass program, helping credit unions (CUs) onboard members.
For consumers, the solution can facilitate more control over the information that’s shared, adds more protection against identity fraud and account hacks, and strengthens user profiles with differentiated data, according to the release.
“There’s a common misconception that financial institutions must choose between mitigating fraud risk and acquiring new customers,” said Equifax Senior Vice President of Global Identity and Fraud Adam Gunther in the release. “With Digital Identity-as-a-Service, it’s possible to achieve both with greater identity assurance through optimized technologies.”
CUs must interact with members across various channels like websites, mobile apps, call centers, ATMs and branch drive-thrus, the release stated. With MemberPass, CUs can get better control and verification options, and Bonifii’s technology can assist with digital interactions.
“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 in the release. “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.”
In August, Equifax announced it was buying Health e(fx) to boost automation for HR teams and cut down on friction, letting businesses get more information and solutions for workforce management.