Equifax (NYSE: EFX) has introduced a solution designed to help B2B transactions occur faster, “with a higher degree of certainty and at a lower cost.”
The OnboardConnect solution brings together differentiated data sources and analytics that ‘Only Equifax’ can offer to “enable near real-time business verification, fraud checks, tax identification number checks, anti-money laundering, and credit risk checks,” the update explained.
The announcement also mentioned that this is a robust commercial solution that can help organizations “onboard business customers in hours versus days or weeks with time-consuming manual processes.”
According to the U.S. Census Bureau, around 4.3 million new business applications were “filed in 2020, nearly one million more applications than in 2019.”
By consolidating and analyzing comprehensive data attributes in the market, OnboardConnect helps lenders and merchants “speed time to authenticate and verify new and current business customers and streamline the business-to-business onboarding process.”
The update further noted that this can “enable new financial opportunities for new business customers that may have otherwise been overlooked.”
William Phelan, GM of the Equifax US Information Solutions (USIS) Commercial business, stated:
“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 credit worthiness, 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 created to eliminate the requirement for organizations to “piece together multiple single-point solutions and manually assess new business account applications,” the announcement explained.
Instead, OnboardConnect brings business verification, compliance and credit solutions “together in a single API platform that can also be accessed in a modular fashion to address specific challenges.”
The solution offers pre-built data integrations to “help drive more rapid decisions and a scalable approach to help businesses realize immediate results,” the announcement added.
OnboardConnect is available now, the update confirmed.
