Equifax unveiled a new solution aimed at making business-to-business transactions go more smoothly, with greater certainty, and at a lower cost. The new OnboardConnect solution combines ‘Only Equifax’ data sources and algorithms to provide near real-time business verification, fraud checks, tax identification number checks, anti-money laundering, and credit risk checks. With this strong commercial solution, businesses can enroll business clients in hours rather than days or weeks as they would with manual methods.
William Phelan, General Manager of the Equifax United States Information Solutions (USIS) Commercial business, said, “The faster pace of business transactions, paired with a shift from in-person to digital interactions, has necessitated quicker and more accurate authentication of prospective business customers. Equifax is committed to providing solutions that help businesses across industries bring new decision intelligence to their operations. Whether it’s verifying a new business account’s identity and fraud risk, helping to maintain regulatory compliance, or enabling faster payments by accurately assessing creditworthiness, OnboardConnect is designed to provide the insights needed to safely transact at lower cost, while enabling companies and financial leaders to approve more business customers with greater confidence.”
OnboardConnect was intended to minimize the need for businesses to piece together numerous single-point solutions and analyze new business account applications manually. OnboardConnect, on the other hand, integrates business verification, compliance, and credit solutions into a single API platform that can be accessed in a modular approach to handle specific difficulties. The solution includes pre-built data integrations to aid in faster decision-making, as well as a scalable strategy to assist enterprises in achieving quick outcomes.