O2 SELECTS EQUIFAX AS ID VERIFICATION PARTNER FOR O2 WALLET
Equifax providing streamlined identity verification for new and existing customers
London, May 2012 - Leading consumer credit information and analytics expert, Equifax, has been chosen by O2 to provide vital identity verification solutions for the recently launched O2 Wallet.
O2 Wallet is the new way to send and receive money, compare prices and shop via your mobile; and you can use it whether you’re with O2 or not - meaning anyone can take advantage of its numerous features.
Equifax has worked with Telefonica for more than a decade, providing crucial identity verification and credit checks to tackle fraud and reduce losses from non-paying mobile phone customers. Now, extending this relationship, Equifax data and analytics expertise will be used to carry out comprehensive and reliable identity checks for those registering for O2 Wallet.
FSA regulations require that the identities of all new applicants for financial accounts where funds are being deposited are verified to prevent money laundering. With the high volume of users expected to apply for O2 Wallet, an identity verification solution was required that met these compliance requirements without customers experiencing any significant delays in the sign up process.
Accessing the most up-to-date and complete consumer data available, Equifax will provide robust ID verification at all customer touchpoints - from new account application to account changes such as change of address or increased limit requests - alongside regular account screening.
Neil Lover, Head of Business Operations and Supplier Management at O2 commented: “We are enormously excited about the launch of O2 Wallet, and we recognise that security is absolutely key. We have, therefore, trialled O2 Wallet internally for months, undertaking extensive ‘stress-testing’ with security experts. Our partnership with Equifax has also enabled us to ensure that we can meet the high levels of Know Your Customer (KYC) and Anti-Money Laundering (AML) checks required by the FSA, without any significant impact on the customer experience.”
Unlike Equifax, other data providers use compulsory specific and detailed credit-related questions regarding outstanding mortgage value or latest credit card payments, for example. But if the customer does not have this information to hand it can delay the account sign-up process or, worse, deter the customer altogether. It was, therefore, a huge benefit to O2 that Equifax e-ID Verifier allows a broader selection of questions to be offered which, in turn, improves customer acquisition rates whilst remaining FSA compliant.
Equifax e-ID Verifier is also the only identity verification solution in the market that allowed O2 to customise the type of questions used as part of the customer authentication process. This means the application verification is not only accurate and effective but as quick and simple as possible.
Neil Compton, Head of Telecommunications, Equifax added, “We have worked closely with O2 for many months to fine-tune the solution for O2 Wallet to meet their exact needs, guaranteeing continued FSA compliance whilst delivering a high-quality customer experience. It’s tremendously exciting to be involved in the launch of this new innovation in consumer finance in such an intrinsic and significant way. We believe this clearly demonstrates the value of Equifax data and our market-leading analytical capabilities.”
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Equifax is a global leader in consumer and commercial information solutions, providing businesses of all sizes and consumers with information they can trust. We organize and assimilate data on more than 500 million consumers and 81 million businesses worldwide, and use advanced analytics and proprietary technology to create and deliver customized insights that enrich both the performance of businesses and the lives of consumers.
Headquartered in Atlanta, Equifax operates or has investments in 17 countries and is a member of Standard & Poor’s (S&P) 500® Index. Its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. For more information, please visit www.equifax.com.