Teletrack UK Ltd enhance consumer finance solutions with Experian's real-time bank account verification services

27th July 2009

Teletrack UK Ltd, today announced that it is to add Bank Wizard Absolute, the real-time bank account validation service from Experian Payments, into the suite of risk management tools that it resells to clients.

By verifying the connection between a loan applicant and the applicant’s supplied bank account details, Bank Wizard Absolute will help Teletrack’s clients make risk-based customer acquisition decisions more efficiently, both in store or online, negating the need for paper-based verification measures.

“By confirming the ownership of a bank account, Bank Wizard Absolute can help our clients minimise payment fraud and improve the efficiency of their customer acquisition process,” said Dale Williams, managing director of Teletrack UK Ltd. and president of its U.S. affiliate, Teletrack, Inc. “The combination of Teletrack’s AWARE database and Experian’s market leading solutions will give Teletrack’s clients a competitive advantage in the lending marketplace.”

Jim Conning, Managing Director of Experian Payments, commented, “Bank Wizard Absolute is the only verification service that enables organisations to make the connection between a customer and their bank account details in near real-time. By reselling this product, Teletrack is enabling its clients to make better, more accurate and more efficient risk decisions and improve service they provide to customers.”