Experian launches new services to help organisations comply with FSA single customer view requirement

news release

Experian launches new services to help organisations
comply with FSA single customer view requirement
Experian’s innovative data and analytics power ‘Know Your Depositor’ services

Nottingham, UK, 20 April 2010 — Experian^®, the global information services company, today announced the launch of a range of services designed to enable banks, building societies and credit unions to build the single customer view (SCV) required by the Financial Services Authority.

From 31 December 2010, the Financial Services Compensation Scheme (FSCS) will require all deposit takers to be able to supply a SCV file containing all the records of claimants who are eligible for compensation within 72 hours of request.  This has to be demonstrated by submitting a sample file for verification by the FSCS by January 2011.

Experian’s new ‘Know Your Depositor’ services draw on its extensive consumer information and authentication databases to analyse, cleanse and complete customer records, and pin to each account a SCV reference code that is unique to each customer. This will enable organisations to quickly and accurately aggregate customer information.  If required, Experian can also host the customer database, enabling the SCV to be maintained going forward.

Experian’s new range of ‘Know Your Depositor’ services, include:

• Data cleansing and completion, filling in gaps in customer records, providing missing forenames and dates of birth
• Identifying duplicated customers, including alias and multiple address records
• Standardising multiple versions of names and addresses to a common format
• Flagging records where there is a more recent address for a customer
• Comprehensive cleansing and matching for business customer records
• Identifying deceased and bankrupt customers
• Identifying matches to politically exposed persons and sanctions lists
• Identifying potentially fraudulent accounts

Nick Evans, Head of Customer Management, Experian UK and Ireland, commented: “Achieving single customer view compliance by the end of 2010 presents a particular challenge for financial institutions, many of which have large and complex databases spread right across their organisations.

“Banks are faced with the challenge of cleansing their customer records, resolving them into an accurate single customer view, and ensuring that they have the most up to date addresses for their customers.

“Our innovative data and analytics, expertise in data management and secure infrastructure means we are well placed to help financial institutions meet these new requirements.  Our services also enable organisations to gain additional credit risk and customer management benefits by having a complete view of their customer relationships.”

ENDS

Contact:
Chantal Heckford / Jennifer Comerford / Duncan Skehens
Lansons Communications
020 7490 8828
chantalh@lansons.com / jenniferc@lansons.com / duncans@lansons.com

About Experian
Experian is the leading global information services company, providing data and analytical tools to clients in more than 65 countries. The company helps businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. Experian also helps individuals to check their credit report and credit score, and protect against identity theft.

Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended 31 March 2009 was $3.9 billion. Experian employs approximately 15,000 people in 40 countries and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, UK; Costa Mesa, California; and São Paulo, Brazil. 

For more information, visit http://www.experianplc.com.