Equifax Unveils B2B Transaction Tool OnboardConnect

Equifax has launched a tool designed to allow faster, more secure and cheaper business-to-business transactions.

OnboardConnect, announced on Monday (Dec. 13), uses data sources and analytics for near-real-time business verification, fraud and anti-money laundering (AML) checks, credit risk checks and tax identification number checks.

“This powerful commercial solution can help organizations onboard business customers in hours versus days or weeks with time-consuming manual processes,” the company said in a news release. “This can enable new financial opportunities for new business customers that may have otherwise been overlooked.”

Equifax says it created OnboardConnect to help companies avoid having to string together multiple one-point solutions and manually review account applications from new businesses. In place of that system, OnboardConnect combines business verification, compliance and credit solutions into one API platform.

“Whether it’s verifying a new business account’s identity and fraud risk, helping to maintain regulatory compliance or enabling faster payments by accurately assessing creditworthiness, OnboardConnect is designed to provide the insights needed to safely transact at a lower cost, while enabling companies and financial leaders to approve more business customers with greater confidence,” said William Phelan, general manager of Equifax’s United States Information Solutions (USIS) Commercial business.

Read more: BOXX Insurance Teams With Equifax for Identity Theft Protection

The news comes less than a week after Equifax launched a partnership with the cyber insurer BOXX Insurance to offer $1 million in identity theft protection coverage.

In October, Equifax unveiled a digital identity-as-a-service capability, with Bonifii as the first company to adopt the tool as part of a new partnership. The tool, which combines data and analytics with modern cryptography, became part of the Bonifii MemberPass program, helping credit unions onboard members.

Read more: Equifax Debuts Digital Identity Services to Boost Trust, Onboarding

“There’s a common misconception that financial institutions must choose between mitigating fraud risk and acquiring new customers,” Equifax Senior Vice President of Global Identity and Fraud Adam Gunther said at the time. “With digital identity-as-a-service, it’s possible to achieve both with greater identity assurance through optimized technologies.”