DENVER–Bonifii, a provider of a Digital Identity as a Service solution to credit unions, said Equifax has become a first adopter of the technology.
Equifax said the agreement is part of its Innovation Partnership, which it described as technology-driven co-innovation that benefits all parties, particularly consumers. It added Bonifii will be the first of many organizations to participate.
According to the company, the new Equifax Digital Identity as a Service combines data and analytics with modern cryptography to provide a higher degree of trust without sacrificing user experience.
“Adding Digital Identity as a Service to Bonifii's MemberPass will help enable credit unions to more confidently onboard members,” the company said.
"The Equifax Cloud is helping our partners and customers address the evolving fraud landscape and deliver innovative solutions to today's market challenges faster than ever before," said Bryson Koehler, chief technology officer at Equifax, in a statement. "Businesses worldwide are challenged with detecting increasingly sophisticated fraud attempts, and the cloud enables secure and scalable real-time insights and decisions that simply aren't possible in a non-cloud environment."
‘Greater Control’
According to Equifax, digital Identity as a Service gives consumers greater control over what information is shared, enhances protections against synthetic identity fraud and third-party account takeover, and strengthens user profiles with differentiated data.
With credit unions interacting with members across a number of channels, including websites and mobile applications, call centers, ATMs and branch drive-through lanes, the company said MemberPass gives credit unions control over identity authentication while protecting personal data, the organizations said.
Verification Provided
“It assigns members a digital credential that serves as verification for contact center interactions, loan applications and financial transactions,” said Equifax. “Bonifii's technology helps enable trusted peer-to-peer digital interactions among financial institutions, and helps them meet complex data demands while minimizing friction and supporting growth.”
Added Bonifii CEO John Ainsworth, "When credit union members authenticate with a MemberPass ID, we want to be certain they are who they say they are. Working with Equifax will allow MemberPass to help credit unions have the confidence to grow their businesses by saying "Yes" more to good consumers. That is the aspiration of this Innovation Partnership."