The alliance has been established to develop solutions for the UK's open banking initiative which gives online banking customers the ability to share their financial data, traditionally held by banks and building societies, with authorised third parties.
It is claimed the partnership will allow consumers and small businesses to provide consent to organisations they would like to be able to access their financial data and has already powered the UK's first live consumer open banking for HSBC.
Through the consents.online app and website customers have full sight of all permissions granted, for what purpose and can allow access to be revoked, paused or extended at any time.
Equifax is also working with consents.online's data analytics platform, AccountScore, which specialises in transaction data analytics for consumer and business lending, developing products that deliver enhanced data to financial service providers in real-time, supporting lending decisions making the application process smoother for customers.
Equifax banking and financial institution expert and chief marketing officer Jake Ranson said: "The vision for open banking is to enable people to unlock the power of their data to make the most of their money, giving them more transparency, control, security and access to help. This can be achieved when the extensive data Equifax already holds is harmonised with bank transaction data. Our detailed evaluation identified consents.online as the stand-out candidate to make this a reality, thanks to its long history and deep expertise in working with transaction data globally.
"The open banking challenge is educating people on the latent value of data sitting in their current accounts. This will encourage 'value exchanges', moments when a customer explicitly consents that an institution can temporarily access their current account data because it will deliver a better or quicker outcome than previously possible. This can benefit consumers and business alike, whether applying for a loan, mortgage or credit card, the process can be improved via this exchange."