Equifax and Fiserv partner on data insights
As more and more businesses get on board with digital payments, the companies operating a network are finding ways to leverage this into a data-driven opportunity to provide insights for working capital and cash flow.
In such, US-based data analytics company, Equifax has teamed up with payments company Fiserv to deliver data-driven insights for the businesses in the digital economy. Under this, the two companies are coming together to offer as the statement notes “holistic picture of businesses and their data” to enable financial institutions and businesses of all sizes to embrace the power of real-time data insights.
The joint commercial solution of 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” while it will later roll out for the consumer ecosystem.
As the statement notes, the integration of Fiserv with Equifax will enable analytics to increase the predictiveness of business credit scores, cash flow trends, propensity to spend models, and share-of-wallet analysis.
“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,” said Prasanna Dhore, Chief Data Officer at Fiserv.
Equifax is a global data, analytics, and technology company which aids financial institutions, companies, employers, and government agencies with required data to make critical decisions while Fiserv is a payment and financial technology company that works in account processing and digital banking solutions, card issuer processing and network services, e-commerce, merchant acquiring and processing and the Clover point-of-sale solution.