Equifax has signed a know your customer (KYC) and client on boarding partnership with regtech firm HooYu.
The deal will see Equifax supporting its clients across regulated and non-regulated sectors with HooYu tech.
According to the data firm, Equifax selected HooYu to provide a “seamless extension to the existing Equifax database identity check solutions.”
Equifax clients will also be able to deploy the HooYu user interface (UI) and user experience (UX) tools within their own website or app to help guide customers through the process.
Keith McGill, head of fraud and ID at Equifax UK, says that by partnering with HooYu, his firm can “simplify and improve KYC journeys for our clients,” as well as help them to “enhance end-user experience, safeguard future income streams, protect against the increasing threat of fraud, and meet regulatory standards.”
One of the three largest consumer credit reporting agencies, Equifax revealed in January that the damaging cyber-attack and data breach it endured in 2017 will cost it at least $1.38 billion.
Equifax’s failure to patch a web application security flaw – which it was later revealed the agency knew about – has forced the company to give consumers up to four years free credit monitoring, or if they already had this in place, up to $125 in a cash payment.