Equifax, Fiserv Team Up to Offer ‘Real-Time Data Insights’ for Business, FIs

Global data, analytics and technology platform Equifax and payments and financial services tech solutions provider Fiserv have teamed up to roll out a new package of data-driven insights to help companies navigate the digital economy, according to a Tuesday (April 19) press release.

The new offerings will “deliver a more holistic picture of businesses and their data and enable financial institutions and businesses of all sizes to embrace the power of real-time data insights” when they hit the market, likely later this year, the joint announcement says.

“Equifax understands that more data enables better decisions. We are energized about partnering with Fiserv to expand our differentiated data assets — leveraging our new Equifax Cloud capabilities to deliver smarter insights at a greater velocity than ever before,” Equifax CEO Mark W. Begor said in the joint announcement.

“In a digital economy, speed matters. To keep up, organizations have to be able to leverage real-time data insights to help them say ‘yes’ to more customers with greater speed and confidence,” he said.

The joint commercial solutions from Equifax and Fiserv will “leverage new analytics to help strengthen business verification, accelerate account acquisition and enhance risk assessment for small- to medium-sized businesses (SMBs),” the announcement says, adding they will expand into the consumer sector.

“Customers expect that financial institutions with which they have relationships understand them and understand what they want,” said Fiserv Chief Data Officer Prasanna Dhore.

“Insights gleaned from real-time data can empower financial institutions to initiate and build relationships and deliver personalized, positive experiences that open the door to future growth and new revenue opportunities,” he said.

Related: FinTech Fiserv Completes Acquisition of Cloud Banking Firm Finxact

Earlier this month, Fiserv acquired business banking platform Finxact. The company also recently teamed with Mastercard company Finicity, in order to make a data access agreement to allow Fiserv clients to enable consumers to share account information.