Experian, the leading global information services company, and Prove Identity, Inc. (“Prove”), the leader in digital identity, today announced a global partnership to further financial inclusion across the globe through advanced identity verification technology. The partnership, which is now live, has two goals:
- To enable companies to extend their financial services to more consumers, including traditionally underbanked populations such as consumers who might not already have a credit file or substantive data history, while also mitigating digital fraud such as synthetic identity fraud.
- To create wider access to faster, easier and more secure experiences for more consumers. Traditionally, underbanked populations have had to default to “slow lane” digital experiences. Prove and Experian’s new partnership will extend “fast lane” digital experiences to more consumers.
“At Prove, we believe that all consumers should have access to the digital economy, regardless of whether you already have a credit file or not,” said Rodger Desai, Co-Founder and Chief Executive Officer at Prove. “We’re proud to be partnering with Experian, which shares our vision for a more financially inclusive digital world. Together, we are giving more companies across the globe access to advanced identity technology, such as cryptographic authentication, that they can use to verify more consumers in a quick and secure manner.”
Prove is able to verify the identities of traditionally underbanked populations such as those with “thin” or no credit files. Prove’s identity verification and authentication solutions leverage something nearly every adult consumer has – a mobile phone – which helps businesses give more consumers access to services regardless of whether or not they have an existing financial history, further reducing consumer friction and bias.
As part of the partnership, Prove will integrate the following solutions (can vary by region) into Experian CrossCore, a digital identity and fraud risk mitigation platform that enables clients to connect, access, and orchestrate customer decisions and actions that leverage multiple data sources, verification and authentication capabilities, and advanced analytics.
- Prove Pre-Fill®: Enables companies to onboard consumers in as few as 10 seconds by auto-filling application forms with verified data from authoritative sources, and authenticating consumer identities to thwart account opening fraud. Global sanctions, PEPs, adverse media, and monitoring included at no cost. Users will benefit from a faster, easier, and more secure sign-up process, where information is only auto-filled with their consent. (Availability: U.S.)
- Prove Identity™: Validates consumer-provided personal identity information and confirms phone number ownership using authoritative data, including device and phone number data, while maintaining privacy for all customers.
- Trust Score™: A real-time measure of phone number reputation that can be leveraged for identity verification and authentication purposes. Trust Score analyzes behavioral and cryptographic authentication signals from authoritative sources at the time of a potential transaction to mitigate fraud such as SIM swap and other account takeover schemes.
- Mobile Auth™: Provides a real-time authentication of the status of a consumer on a mobile network by silently authenticating that consumer while requiring no action on their part.
The partnership will give Experian CrossCore customers access to these solutions, which may be integrated with Experian’s regional fraud and identity offerings.
“The rapid surge in demand for digital services and the growth of online accounts has accelerated the need for robust, real-time identity verification solutions with the broadest coverage and greatest inclusion,” said Marika Vilen, SVP of Global Identity & Fraud at Experian. “Integrating Prove’s industry-leading identity solutions with CrossCore and offering them as part of the CrossCore partner program strengthens our state-of-the-art cloud platform, identity verification, and fraud defense while also enabling our customers to verify more consumers.”