Equifax retail banking solution InterConnect has been validated on the IBM banking industry framework.
Equifax InterConnect provides customer-configurable identity fraud management, account acquisition, and account management capabilities. It utilizes Equifax’s technology and decisioning platforms and processes and will now be able to incorporate IBM’s financial tools and technologies into its processes.
InterConnect platform combines domain expertise in financial services with business rules technologies to offer a range of automated solutions. Among the benefits for the banks is increased growth due to deeper understanding of client relationships, targeted cross-selling opportunities, and increased customer retention. The benefits also include improved fraud identification and prevention and credit risk assessment.
IBM’s banking industry framework gives banks an alternative to the high-risk, rip-and-replace approach. The framework enables a bank’s progressive transformation with industry proven data and process models already employed by more than 250 financial institutions. As a result, banks are now able to safely and securely upgrade their infrastructure on the fly.
The IBM banking industry framework provides integration between IBM framework middleware and partner applications from key Independent Software Vendors (ISVs). These ISVs have joined with IBM to help banking clients successfully solve challenging business problems. The combined IBM and ISV solutions offered by the IBM banking industry framework enable banking customers to speed time to market, reduce development risk, lower development costs, and improve their return on investment.
Rajib Roy, president of technology and analytical services group at Equifax, said: “Our technology platforms are designed to provide quick configuration to fit the banks unique needs. They provide integrated analytics, policy management, and data so they can act quicker and make more informed and confident decisions. We are excited to partner with IBM to provide our customers the industry leading solution in a proven, rapidly deployable framework.”
Chae An, vice president of financial services solutions at IBM software group, said: “Our banking clients are seeking solutions that address current challenges and provide business agility in the future. The InterConnect solution, along with the IBM banking industry framework, is an example of how customer-configurable identity fraud management, account acquisition, and account management capabilities can translate into enterprise-wide smarter banking solution.”