HooYu facial biometrics and identity verification tools to boost onboarding for Equifax customers
Equifax has partnered with HooYu to expand the range of identity and fraud prevention tools it offers with the onboarding and KYC regtech provider’s ID document and selfie biometrics, digital footprint analysis and geolocation data plus the traditional database checks that are Equifax’ forte.
The strategic partnership is intended to support Equifax clients in regulated and non-regulated industries in improving the onboarding experiences they offer, while improving anti-fraud processes and meeting anti-money laundering requirements. The collaboration is expected to benefit financial and professional services businesses, such as mortgage lenders, building societies and financial advisors, according to the announcement. These companies can use the solution to accelerate digital transformation, and ease the identification of new customers, for which traditional methods are largely unavailable due to COVID-19 restrictions.
The announcement notes that Google has said Gmail accounts are receiving 18 million hoax emails a day related to COVID-19.
“By partnering with HooYu, we can simplify and improve KYC journeys for our clients, helping them to enhance end-user experience, safeguard future income streams, protect against the increasing threat of fraud, and meet regulatory standards,” says Equifax Head of Fraud & ID Keith McGill.
Equifax clients can choose from HooYu’s ID document validation, digital footprint analysis, proof of address matching, facial biometrics, geolocation and identity confidence scoring services, and deploy the HooYu user interface and user experience tools in their website or app to help guide customers through the onboarding process.
“We ran a poll on an Equifax client webinar and unsurprisingly 70 percent of companies said they were currently in the process of streamlining their digital onboarding process,” comments HooYu Marketing Director David Pope. “The march towards digitalisation is gathering pace, especially at this difficult time when many financial services providers and professional services firms have lost their face-to-face onboarding channel while in Covid-19 lockdown.”