Equifax acquires AccountScore to boost open banking capabilities

By Megha Bhattacharya

Equifax’s subsidiary has acquired transaction data analytics company AccountScore with an aim to boost its Open Banking and insights capabilities. The acquisition will see Equifax enhance its consumer and commercial product offerings, combining traditional credit bureau information held by Equifax with bank transaction data, facilitated by AccountScore.

Patricio Remon, President of Europe at Equifax, said, “This is a really exciting development for Equifax and the acquisition of AccountScore, our long-term partner in Open Banking, is a natural next step as we continue to expand our data and analytics capabilities. AccountScore is a pioneering company with a proven track record of building innovative Open Banking platforms and this signals our commitment to continuously evolve and embrace strategic innovation to support our clients’ digital transformation, and will bring many benefits for their customers.”

“More than 2.5m UK consumers and businesses now use Open Banking-enabled products to manage their finances, access credit and make payments. This growth is helping to empower a generation of consumers, giving them more control over their own financial information, offering them greater access to a wider range of financial products and making it much easier to complete simple digital applications.”

Equifax clients will be able to benefit from higher rates of automated, digital income verification, to carry out more granular assessments of affordability and expenditure and offer more predictive and inclusive credit scoring, by using the most up-to-date information available.  The combined data approach enables financial inclusion for those with ‘thin’ credit files, increasing their potential access to credit at a time of great financial uncertainty.

Emma Steeley, CEO at AccountScore, said, “AccountScore and Equifax have an established and successful partnership, having collaborated on a number of products and offerings over the last two years. This acquisition allows AccountScore to accelerate its growth and reach new customers, backed by a powerful global company. Open Banking is going from strength to strength, with the adoption in both the consumer and SME markets growing rapidly each month. We have seen lenders power improved credit decisions and account management processes using Open Banking to ultimately better service their customers.”