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Nottingham, UK, 7 May 2009 - Experian®, the global information services company, today announced that LendProtect UK Limited will implement Bank Wizard Absolute, Experian’s real-time bank account verification service.
LendProtect provides credit risk management and identity verification services for short term consumer lenders. The deal with Experian will see LendProtect integrating Bank Wizard Absolute to enhance its range of services.
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: "LendProtect UK selected Bank Wizard Absolute due to its ability to confirm the connection between the loan applicant and the bank account details they have provided. Until now, 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 customer acquisition rates by requesting paper and manual proofs of bank account ownership. Bank Wizard Absolute will play a key role 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."