Experian, the global information services company, today announced that it has been appointed by LendProtect to implement Bank Wizard Absolute, its real-time bank account verification service, as part of LendProtect's identity verification and credit risk management platform for the consumer finance industry.
LendProtect is the leading provider of credit risk management and identity verification services for short term consumer lenders in the UK. The company's services enable quick, accurate and automated decisons that drive revenue and minimise default rates and consumer acquisition costs.
Bank Wizard Absolute will be provided by Experian Payments, an Experian® company and a leading provider of electronic payments and secure payment data management and conversion solutions.
Greg Rable, Chief Executive Officer of LendProtect's parent company FactorTrust, Inc., said: "We believe the addition of Bank Wizard Absolute to our existing platform provides the best automated, real-time, bank account verification service specifically tailored for short-term consumer lenders."
Jim Conning, Managing Director at Experian Payments commented: "We have been selected by LendProtect UK on the basis of Bank Wizard Absolute's ability to secure the identity of the loan applicant and link this to ownership of the bank account. To date, a real-time electronic check on bank account ownership has not been possible and lenders had to either increase their exposure to risk by not tying bank account ownership to a customer's identity or reduce their conversion rates by requesting paper and manual proofs of bank account ownership (void cheques, bank statements or calling the bank itself). Bank Wizard Absolute will play a valuable part in enabling LendProtect UK to offer the lowest risk loan application assessment platform to their customers with the highest possible conversion and straight through processing rates."