Accelitas, Inc. to Offer First Data Confidence Score Solution
NOTE: When this press release was issued, Accelitas was operating under the name Dragnet Solutions, Inc. Read about our name change here.
NOVATO, CA – Jan. 8, 2013 — Dragnet Solutions, Inc. announced today that it has integrated First Data Confidence Score in its Accelerated Insight(SM) identity verification service for financial institutions. Dragnet Solutions customers can now choose to include First Data Confidence Score in the real-time data delivered by Accelerated Insight. First Data is a global leader in electronic commerce and payment processing.
Banks and credit unions use Accelerated Insight to answer three critical questions about account applicants: Is this person who they say they are? Based on our understanding of their financial history, should we open an account for them? Are they on a government list of people for whom institutions should not open accounts? By adding First Data Confidence Score to Accelerated Insight’s data service, Dragnet Solutions gives institutions the option of receiving a more complete analysis of an applicant’s financial history to help answer the second question.
First Data Confidence Score is an alternative tool that allows clients to use multiple forms of identification to screen applicants and provides access to hard-to-locate information on sub-prime, thin-file, and no credit score consumers. The solution leverages TeleCheck®, the nation’s most complete database of check writer information, which provides affordable, real-time information based on checking account history at TeleCheck merchants and financial institutions nationwide. The information includes extensive financial data that identifies applicants with a history of account abuse and poor maintenance, charge-offs, and fraudulent checks.
With First Data Confidence Score, clients gain a deeper understanding of an applicant’s checking and financial account history. With this insight, banks and credit unions can more effectively evaluate individual financial risk to make better account acquisition decisions.
“The integration of deep consumer insight from First Data Confidence Score into Dragnet’s world-class identity verification tool streamlines a critical process for banks and credit unions,” said Mark Wallin, global product group leader, First Data. “The ease of using one interface to access these powerful informational tools helps clients avoid potential errors from having to re-enter customer information into multiple systems, while it enables more informed up-front decisions about account openings.”
“First Data Confidence Score is an industry-leading assessment tool that helps financial institutions make better decisions about account applicants, especially applicants with little or no credit history,” said Greg Cote, president and CEO of Dragnet Solutions, Inc. “For banks and credit unions to grow profitable accounts while minimizing the risks of charge-offs, they need a thorough understanding of the customer’s financial standing at account opening. First Data Confidence Score is a powerful tool for gaining that understanding in real time, and it dovetails well with the other identity verification and risk/confidence analytics delivered by Accelerated Insight.”
Built on Dragnet’s proprietary discovery system, Accelerated Insight is a real-time identity verification service that helps institutions confidently say yes to more qualified applicants, including those with limited financial histories. Using Accelerated Insight, banks and credit unions can better differentiate customers, grow revenues, and prevent fraud, while complying with regulations such as KYC, the Red Flags Rule, and OFAC.
To learn more about Document Insight or to request a demo, please contact email@example.com.
Accelitas is a leading provider of identity intelligence services that help companies identify and say "yes" to more customers.
Our Accelerated Insight® platform includes four real-time web services that provide a faster, smarter way to seamlessly open digital accounts, quickly authenticate IDs, verify profitable customers, and revive previously rejected applicants. The resulting decreases in abandonment, risk and charge offs, and rejection rates can deliver an ROI as high as 30:1.
Dragnet Solutions and Accelerated Insight are registered trademarks of Accelitas, Inc. Other names may be trademarks of their respective holders.
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