7th May 2009
Experian®, the global information services company, today announced that LendProtect UK Limited will implement Bank Wizard Absolute, Experian’s real-time bank account verification service.
LendProtect provides credit risk management and identity verification services for short term consumer lenders. The deal with Experian will see LendProtect integrating Bank Wizard Absolute to enhance its range of services.
Greg Rable, Chief Executive Officer of LendProtect’s parent company FactorTrust, Inc., said: "We believe the addition of Bank Wizard Absolute to our existing platform provides the best automated, real-time, bank account verification service specifically tailored for short-term consumer lenders."
Jim Conning, Managing Director at Experian Payments, commented: "LendProtect UK selected Bank Wizard Absolute due to its ability to confirm the connection between the loan applicant and the bank account details they have provided. Until now, a real-time electronic check on bank account ownership has not been possible and lenders had to either increase their exposure to risk by not tying bank account ownership to a customer’s identity or reduce their customer acquisition rates by requesting paper and manual proofs of bank account ownership. Bank Wizard Absolute will play a key role in enabling LendProtect UK to offer the lowest risk loan application assessment platform to their customers with the highest possible conversion and straight through processing rates."
For further information, please contact:
Margo Galvin, PR Executive, Experian Payments
Tel: +44 (0)1788 554800
Email: margo.galvin@uk.experian.com
About Experian
Experian is a global leader in providing information, analytical and marketing services to organisations and consumers to help manage the risk and reward of commercial and financial decisions.
Combining its unique information tools and deep understanding of individuals, markets and economies, Experian partners with organisations around the world to establish and strengthen customer relationships and provide their businesses with competitive advantage.
For consumers, Experian delivers critical information that enables them to make financial and purchasing decisions with greater control and confidence. Clients include organisations from financial services, retail and catalogue, telecommunications, utilities, media, insurance, automotive, leisure, e-commerce, manufacturing, property and government sectors.
Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Experian has corporate headquarters in Dublin, Ireland and has operational headquarters in Costa Mesa, California and Nottingham, UK. The Group employs approximately 15,500 people in 38 countries worldwide, supporting clients in over 65 countries around the world. Revenue for the year ended 31 March 2008 was $4bn.
For more information, visit www.experianplc.com
About Experian Payments
Experian Payments, formerly Eiger Systems Limited, develops global strategic payment software solutions and services to meet the requirements of the world’s leading banks and corporate organisations. Focussing on the specific challenges of data validation and payment processing, Experian Payments’ platform-independent solutions help organisations control costs, reduce risks and improve customer service through the minimisation of payment errors. Experian Payments has over 1,000 customers across all sectors of industry and commerce. Experian Payments is a division of Experian.
Visit Experian Payments at www.experianpayments.com
About LendProtect
LendProtect UK Limited is the leading provider of credit risk management and identity verification services for short term consumer lenders in the UK. The company’s services enable quick, accurate and automated decisons that drive revenue and minimise default rates and consumer acquisition costs. LendProtect is a wholly owned subsidiary of FactorTrust, Inc., a global provider of consumer risk scoring and identity verification services for alternative financial services providers.
For more information, visit www.lendprotect.co.uk