News Archive

Bank Contract

by msecadm4921

Consumer credit information and decision software firm Equifax, has a contract with the newest name in UK retail banking – Metro Bank. Equifax has the contract to provide Metro Bank with a range of risk management and fraud prevention services.

The first UK high street branch- based bank launch in100 years, Metro Bank sought risk assessment and anti-money laundering procedures.

Metro Bank aims to open 200-plus stores over the next 10 years, offering a retail outlet style of banking; a customer service experience that is different from other high street banks.

"To deliver efficient account opening, Metro Bank needs absolute confidence in our risk management and fraud prevention methods and Equifax offers us precisely that," said Craig Donaldson, Chief Executive Officer at Metro Bank.

As a new bank, Metro Bank, needed access to credit risk data scores. Metro also used Equifax’s indebtedness characteristics, combined with credit risk assessment solutions, as key components in its application for its Consumer Credit and Banking Licences. Equifax is giving Metro the tools which support compliance with anti-money laundering regulation. Equifax is providing electronic identification and verification.

"This is an incredibly exciting new contract for Equifax, working with this entirely new retail bank and supporting its successful entry into the UK market" said Shawn Holtzclaw, Managing Director, Equifax.

"Metro Bank chose Equifax because we have the capabilities to provide a robust risk assessment strategy and fraud detection solution which also recognises that delivering high quality customer service is vital to succeed in the highly competitive retail banking marketplace. Once again Equifax has proven to be the ideal partner for the financial services market, as customer service and compliance take centre stage."

Craig Donaldson added: "Our partnership with Equifax is helping Metro Bank to bring a new kind of banking to the high street. We are heralding a return to personal, face-to-face banking, designed to bring customers convenient, secure banking supported by one of the best risk management and anti-fraud solutions on the market."

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