Pershing is to provide its introducing broker dealer customers with Equifax's credit approval software Decision Power, which will be delivered over the vendor's Internet-based service ePort.
Pershing will use the application to provide its customers with a single source for verifying a client's account information and credit status, helping them to meet the requirements of the USA Patriot Act.
Decision Power provides identity verification, fraud screening and a risk indicator score which predicts potential account charge offs.
The system also screens applicants against US government lists of known or suspected terrorists, including the Office of Foreign Assets Control (OFAC).
Brian Shea, COO, Pershing, says the system will help customers and their investment professionals address risk management needs.