Harnessing the Power of the Cloud to Bring Industry-Leading Verification Se ...

With more than 25 years of experience in the industry, The Work Number® database has become the gold standard for income and employment verification services in the United States. Income and employment information is at the heart of most lending decisions, which is why we are committed to expanding our industry-leading verification services internationally - powered by our multi-year, $1.5 billion investment in rebuilding our infrastructure into the Equifax Cloud™.

Verification Exchange™, our international iteration of The Work Number, is a secure, automated cloud-based service that streamlines the process of employment and income verifications. The service is now available in Australia and the United Kingdom, rapidly following the service's rollout and success in Canada and the availability of Equifax employment verification services in India. 'Only Equifax' is built on a simplified cloud architecture, enabling our platforms to be more scalable and quickly adaptable to changing business needs - in all of the regions we serve across the globe.

Paving the Way

Similar to how The Work Number service operates in the U.S., Verification Exchange helps increase access, reduce fraud, support compliance and mitigate risk throughout the entire verification process using automated systems designed in accordance with a country's regulatory framework. It's a "one-stop shop" for quicker, more confident decisioning, and a model that has already seen significant success in Canada.

"From top payroll processors and large multinational employers, to leading financial institutions, background screeners, and a major provincial government ministry, our strong relationships in Canada underscore the accelerated success of Verification Exchange," said Vanessa Giuliani, Leader, Canada Workforce Solutions.

With consumer authorization, lenders and other verifiers can request and receive employment and income data in real time from Verification Exchange, helping improve speed to decision for important financial services, hiring decisions, and government benefit decisions. By partnering directly with employers, payroll providers and software companies, the information available on Verification Exchange is updated with every payroll cycle, making it incredibly timely in comparison to other data sources, such as tax returns or government-provided wage data. Verification Exchange also helps remove the administrative burden of manually responding to verification requests for employers' HR departments.

"Our business model is consent-driven, so once the consumer gives the OK, Verification Exchange offers lenders and other verifiers a seamless experience with data that's as close to instant as you can get," continued Giuliani. "We help take care of the process, so the consumer can focus on life's important moments - like gaining access to a home mortgage, vital government benefits, or a new job."

Driving Momentum

Once Verification Exchange established success in Canada, it was clear that we could expand this critical service even more broadly, leveraging the Equifax Cloud.

"Over the past year, the Workforce Solutions Australia team has reached many milestones, from adding new payroll partners and verifiers, to completing our first customer transactions," commented Dylan John, Leader, Australia Workforce Solutions. "Energized by these early accomplishments, we look forward to helping lenders enable better, more efficient decisioning through continued growth in 2022 and beyond."

Verification Exchange is now live in both the U.K. and Australia, as Workforce Solutions teams continue actively onboarding employers and payroll partners, as well as engaging with verifiers in both markets. In the U.K., Australia and Canada, our teams are working hard to deliver the industry-leading verification services that lenders, background screeners, and government agencies need to enable better decisioning, from delivering life-changing financial services, to hiring the right candidate for a role.

"The Equifax Cloud transformation has made it possible for us to scale our service more quickly and efficiently to international markets," commented Lisa Thomas, Leader, UK Workforce Solutions. "Underscored by our competitive strength in the U.S. and now, Canada, I'm confident that Verification Exchange will quickly become a critical part of the credit and lending processes in Australia and the U.K."

Verification Exchange is currently available in the U.K., Australia and Canada with Equifax employment verification services available in India.

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