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ATLANTA, May 4 /PRNewswire-FirstCall/ -- Equifax Inc. (NYSE: EFX) today announced that its InterConnect retail banking solution has been validated on the IBM Banking Industry Framework. Equifax's solution provides customer-configurable identity fraud management, account acquisition, and account management capabilities. It utilizes Equifax's world-class technology and decisioning platforms and processes and will now be able to incorporate IBM's financial tools and technologies into its processes.  

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Equifax's powerful InterConnect platform combines deep domain expertise in financial services with advanced business rules technologies to offer the most extensive range of automated solutions in the industry.  Among the benefits for the banks is increased growth due to deeper understanding of client relationships, targeted cross-selling opportunities, and increased customer retention. The benefits also include improved fraud identification and prevention and credit risk assessment.  

"Our technology platforms are designed to provide quick configuration to fit the banks unique needs. They provide integrated analytics, policy management, and data so they can act quicker and make more informed and confident decisions," said Rajib Roy, President of Equifax's Technology and Analytical Services group.  "We are excited to partner with IBM to provide our customers the industry leading solution in a proven, rapidly deployable framework."

"Our banking clients are seeking solutions that address current challenges and provide business agility in the future," said Chae An, vice president financial services solutions IBM software group. "The InterConnect solution, along with the IBM Banking Industry Framework, is an example of how customer-configurable identity fraud management, account acquisition, and account management capabilities can translate into enterprise-wide smarter banking solution."

IBM's Banking Industry Framework gives banks an alternative to the high-risk, rip-and-replace approach. The framework enables a bank's progressive transformation with industry proven data and process models already employed by more than 250 financial institutions. As a result, banks are now able to safely and securely upgrade their infrastructure on the fly. 

Among the most compelling features of the new IBM framework is its focus on the heart of the infrastructure, where the maintenance and management of core banking systems typically account for over half of total IT spending. Not only are these costs a drain on potential funds for improvement and innovation, but they are continually rising as banks continue to modify and patch aging core systems -- increasing their complexity.

The IBM Banking Industry Framework provides proven integration between IBM framework middleware and industry-leading partner applications from key Independent Software Vendors (ISVs). These ISVs have joined with IBM to help our banking clients successfully solve today's most challenging business problems. The combined IBM and ISV solutions offered by the IBM Banking Industry Framework enable our banking customers to speed time to market, reduce development risk, lower development costs, and improve their return on investment. 

About Equifax (www.equifax.com)

Equifax empowers businesses and consumers with information they can trust. A global leader in information solutions, we leverage one of the largest sources of consumer and commercial data, along with advanced analytics and proprietary technology, to create customized insights that enrich both the performance of businesses and the lives of consumers.

With a strong heritage of innovation and leadership, Equifax continuously delivers innovative solutions with the highest integrity and reliability.  Businesses – large and small – rely on us for consumer and business credit intelligence, portfolio management, fraud detection, decisioning technology, marketing tools, and much more.  We empower individual consumers to manage their personal credit information, protect their identity, and maximize their financial well-being.

Headquartered in Atlanta, Georgia, Equifax Inc. operates in the U.S. and 14 other countries throughout North America, Latin America, Europe and Asia. Equifax is a member of Standard & Poor's (S&P) 500® Index and its common stock is traded on the New York Stock Exchange under EFX.

SOURCE Equifax Inc.