Equifax Launches Ignite Solution in the U.K.

Credit reporting agency and financial health company Equifax announced this week that its data analytics and insights platform, Ignite, has launched in the U.K. market.

Originally unveiled in March of last year, Ignite aggregates advanced analytics such as payment data and risk scores to offer businesses insights about consumer behavior that facilitate decision making. “Equifax Ignite will redefine businesses’ access to data and reduce the time it takes to build, test and deploy models,” said John Power, chief data & analytics officer for Europe at Equifax. “The cloud-based environment provides our customers with a flexible and scalable platform where they can easily access and intuitively manage and test multiple data sources, enabling them to easily explore new ideas and opportunities with market leading tools,” he added

Ignite is comprised of three delivery methods:

  • Ignite Direct, for businesses looking to extend and enhance the data and analytical tools available to their in-house analytics teams.
  • Ignite Models and Scores, which leverage expertise from Equifax analysts, data scientists, and consultants to deliver a tailored approach to solving problems quickly.
  • Ignite Apps, which offer simple visualizations created from a range of data sources for faster decision making.

At FinovateFall 2011, Equifax showcased the benefits of the Equifax Complete features of its mobile app. This summer, the company teamed up with Thinking Capital to launch BillMarket, a solution that helps small businesses in Canada extend payment terms and increase their purchasing power. Later that month, the company acquired DataX to promote financial inclusion.

Founded in 1899, Equifax is publicly traded on the NYSE under the ticker EFX. The company’s market capitalization sits at $11.7 billion.

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  • Equifax Launches Ignite Solution in the U.K.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Equifax Acquires DataX to Promote Financial Inclusion

Consumer insights and credit scoring company Equifax made its 18th acquisition this week. The Georgia-based firm purchased credit reporting agency and alternative data provider DataX.

The move is expected to promote financial inclusion for underbanked consumers by helping lenders expand access to credit. DataX’s alternative data stores complement Equifax’s core credit database, as well as specific services such as The Work Number, Equifax’s centralized repository of payroll data. Equifax will also benefit from DataX’s analytics and identity solutions, as well as credit reporting, ID verification, bank account verification, and custom risk services.

“Giving consumers fair access to credit has always been a key economic driver for upward mobility, and this acquisition will help more consumers gain access to credit and capital,” said Trey Loughran, president of United States Information Solutions at Equifax. “The combination of DataX’s data with Equifax’s unique and robust data assets will add more depth to consumer’s profiles and will help lenders expand borrowing options.”

As a part of the transition, the DataX brand and its 18 employees have been integrated into Equifax’s Banking and Lending Division. Other recent acquisitions in Equifax’s portfolio include ID Watchdog and Veda Advantage.

At FinovateFall 2011, Equifax showcased the benefits of the Equifax Complete features of its mobile app. Last week, the company teamed up with Thinking Capital to launch BillMarket, a solution that helps small businesses in Canada extend payment terms and increase their purchasing power. Earlier this year, Equifax appointed a new CTO, launched NeuroDecision technology for neural network modeling, and unveiled Lock & Alert, a service that helps consumers quickly lock and unlock their Equifax credit report.

Founded in 1899, Equifax is publicly traded on the NYSE under the ticker EFX. The company’s market cap sits at $15.2 billion.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Thinking Capital and Equifax Launch ‘Cash Flow Revolution’ for Canadian SMEs

Now we know what happens when a global information solutions company with a talent for credit scoring and a small business financing specialist get together to help SMEs in Canada to better understand their credit profile and obtain the financing they need.

Equifax Canada and Thinking Capital have launched a new solution, BillMarket, designed specifically to enable Canadian small businesses to leverage their credit profile to extend payment terms in their supply chain.

“BillMarket creates a new language of credit for small business in Canada,” Thinking Capital CEO and co-founder Jeff Mitelman said. “For the first time, there is a practical way to talk about and put a dollar value on small business credit in Canada.”

The new solution works by using Equifax’s Small Business Grade to establish a credit limit businesses can use to extend payments. Businesses can learn how much credit they are eligible to access by registering with BillMarket and reviewing their certification report. Financing via BillMarket gives small businesses more time to pay suppliers, increased purchasing power, and the ability to deepen relationships with business partners thanks to greater potential spending and consistently prompt payment.

Suppliers benefit from on-time payment, as well, and have the ability to pick up new business from companies unable to pay cash upfront for purchases. Small Business Grade also helps suppliers determine a company’s credit and purchasing power, helping them spot and manage potential late payment risks in advance.

“BillMarket expands the purchasing power for Canadian SMBs and eliminates friction in the supply chain,” Mitelman said. “Through BillMarket, small businesses can translate their credit grade to real-time available credit that they can use to extend payments with suppliers by up to 120 days.” The service, he added, represented a “cash flow revolution for the Canadian small business market.”

Thinking Capital participated in our developers conference, FinDEVr New York 2016. The company’s Chief Strategy Officer, Anthony Lipschitz, and Chief Technology Officer, Pat Forgione, presented Lending as a Service, a look at how the company leveraged big data to streamline the complex lending process for small businesses in Canada.

Headquartered in Montreal, Quebec, Canada, Thinking Capital was founded in 2006. Since inception, the company has facilitated business financing for more than 14,000 Canadian SMEs. Financing from $5,000 to $300,000 is available to small businesses through Thinking Capital’s fixed and flexible payment solutions. SMEs must be based in Canada, in operation for at least six months, and have average monthly sales of at least $7,000. Thinking Capital was acquired by Purpose Investments in May in a deal reportedly valued at more than $200 million.

Atlanta, Georgia-based Equifax demonstrated its mobile app at FinovateFall 2011. Earlier this month, the company – with operations in 24 countries in North America, Central and South America, Europe, and the Asia Pacific – announced a partnership with account information service provider Consents.online. In June, Equifax hired former IBM Watson and Cloud Platform CTO Bryson Koehler as its new Chief Technology Officer.

Equifax is publicly owned and trades on the New York Stock Exchange under the symbol “EFX.” The company has a market capitalization of $15 billion.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.