Equifax and Fiserv Partner to Advance Digital Commerce with Data
New Strategic Relationship Delivers the Deeper Data Insights Required by Organizations in a Digital Commerce-Driven Economy
Equifax, the global data, analytics and technology company, and Fiserv, Inc., a leading global provider of payments and financial services technology solutions, are partnering to deliver the data-driven insights organizations need to succeed in a digital economy. The companies are collaborating on new offerings that deliver a more holistic picture of businesses and their data and enable financial institutions and businesses of all sizes to embrace the power of real-time data insights.
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Equifax and Fiserv are targeting late 2022 to deploy joint commercial solutions that leverage new analytics to help strengthen business verification, accelerate account acquisition and enhance risk assessment for small-to-medium sized businesses. The two companies plan to expand innovation efforts into the consumer ecosystem in the future.
“Equifax understands that more data enables better decisions. We are energized about partnering with Fiserv to expand our differentiated data assets – leveraging our new Equifax Cloud capabilities to deliver smarter insights at a greater velocity than ever before,” said Mark W. Begor, CEO of Equifax. “In a digital economy, speed matters. To keep up, organizations have to be able to leverage real-time data insights to help them say ‘yes’ to more customers with greater speed and confidence.”
“Equifax and Fiserv have a shared vision for how timely, detailed data can transform the financial services ecosystem, helping to better inform decision makers with the right knowledge at the right time,” said Frank Bisignano, Fiserv President and Chief Executive Officer. “Together we will empower financial institutions and businesses to operate in new ways as they benefit from data-enabled insights.”
Equifax maintains a powerful suite of differentiated data assets on which its business customers rely to drive more informed decisions and deliver exceptional outcomes across the customer lifecycle. Through the company’s cloud native data fabric and scalable platforms, Equifax brings decision intelligence to a wide spectrum of global customers. Fiserv enables money movement for thousands of financial institutions and millions of people and businesses worldwide, enabling 12,000 financial transactions every second. Insights gleaned from these transactions can provide timely and detailed visibility into business activity and vitality, or signal suspicious activity.
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The integration of Fiserv information with Equifax differentiated data and solutions will enable analytics that can help increase the predictiveness of business credit scores and help support smarter growth through new prospect identification, cash flow trends, propensity to spend models, and share-of-wallet analysis.
“Customers expect that financial institutions with which they have relationships understand them and understand what they want,” said Prasanna Dhore, Chief Data Officer at Fiserv. “Insights gleaned from real-time data can empower financial institutions to initiate and build relationships and deliver personalized, positive experiences that open the door to future growth and new revenue opportunities.”
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