Equifax has rolled out a new digital identity-as-a-service capability, as well as a new partnership with Bonifii as the first to adopt the tool, according to a press release.
Equifax’s digital identity as a service brings together data and analytics with modern cryptography, enabling a higher degree of trust without sacrificing user experience, the statement said. Bonifii will add it to its MemberPass program, helping credit unions (CUs) integrate members.
For consumers, the solution can facilitate better control over shared information, add greater protection against identity fraud and account hacks, and strengthen user profiles with differentiated data, the statement said.
“There is a common misconception that financial institutions must choose between mitigating the risk of fraud and acquiring new customers,” Equifax senior vice president, Global Identity and Fraud Adam Gunther said in the statement. “With digital identity as a service, it is possible to achieve both with greater identity assurance through enhanced technologies. “
CUs are to interact with members through a variety of channels such as websites, mobile apps, call centers, ATMs and branch office drive-thru, the statement said. With MemberPass, CUs can get better control and verification options, and Bonifii’s technology can facilitate digital interactions.
“When members of a credit union authenticate with a MemberPass ID, we want to be sure that they are who they say they are,” Bonifii CEO John Ainsworth said in the statement. “Working with Equifax will allow MemberPass to help credit unions gain the confidence to grow their businesses by saying ‘yes’ more to good consumers. This is the ambition of this innovation partnership.
In August, Equifax announced that it was purchasing Health e (fx) to strengthen the automation of HR teams and reduce friction, allowing companies to gain more insights and solutions for workforce management.
Read more: Equifax Health e (fx) Buy to help employers manage their health plans