Credit reporting agency Equifax has boosted its open banking and insight capabilities by acquiring data analytics company AccountScore for an undisclosed amount.
The acquired company offers actionable insights and analytics to banks and financial services firm who want to better understand their customers, prospects and applicants.
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AccountScore, which is based in London, also has operations in the US and India.
AccountScore works with its sister company, consents.online to acquire and build database of transactions for its clients.
Commenting on the deal, Equifax president of Europe Patricio Remon says: “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.”
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By GlobalDataThis deal has received approval from the British banking watchdog Financial Conduct Authority (FCA).
Equifax said that it will integrate its credit bureau information with AccountScore’s bank transactions data.
It hopes that the integration will enable its customers from higher rates of automated income verification, predictive credit scoring and expenditure assessment facilitated by real-time information.
AccountScore CEO Emma Steeley said: “This acquisition allows AccountScore to accelerate its growth and reach new customers, backed by a powerful global company.”
The deal comes close on the heels of Equifax finalising a $640m deal to acquire AI-based fraud prevention expert Kount last month.
