Equifax added to UK Open Banking public sector purchasing system

Equifax has been accepted onto Crown Commercial Service’s Open Banking Dynamic Purchasing System (DPS), meaning it can bid to provide account information services to any UK public sector body that uses the DPS.

Central government departments and wider public sector bodies, such as local authorities, NHS, police, education providers, devolved administrations and charities, will be able to access Equifax’s Open Banking solutions on the system.

Equifax is the latest organisation to be confirmed as a government-approved Open Banking supplier, alongside NatWest, Moneyhub, Ecospend, GoCardless, Ordo and PayPoint, among others.

According to Equifax, it is the first of the UK’s three main credit reference agencies to be added to the purchasing system.

James Hilton, chief commercial officer at TDX Group, and Equifax public sector, said: “Our Open Banking capabilities are a vital part of Equifax’s services and capabilities, having built one of the most powerful Open Banking categorisation engines.

“Equifax works with leading financial players, and our Open Banking solutions provide faster verification, and more accurate decision making, within financial services and beyond. Therefore, it is extremely positive that these capabilities are being integrated within the public sector.”

Hilton added: “We believe that Equifax’s consultative and proactive approach to creating and integrating the best solutions for our clients, means we’re well-placed to provide valuable insights to the public sector.”

In April, Equifax partnered with free-to-use platform Homely to help aspiring homeowners in the UK onto or up the property ladder, with the provision of Open Banking and credit insights.

Earlier in the year, money-saving app Snoop launched a free credit score service in partnership with Equifax, enabling users of the app to manage their money, set budgets, control their finances and improve their credit score.

Further reading: Open Banking offers opportunities for public sector cost savings – and economic growth