Experian and Prove Team Up to Boost Financial Inclusion Worldwide

  • Experian announced a partnership with digital identity company Prove.
  • The partnership will integrate up to four Prove solutions into Experian’s digital identity and fraud risk mitigation platform, CrossCore.
  • Experian has been a Finovate alum since 2011. Earlier this month, the company announced a collaboration with U.K.-based NewDay.

A global partnership between information services company Experian and digital identity company Prove Identity is designed to help drive financial inclusion around the world via innovations in identity verification technology. The alliance, announced this week, will help companies bring their financial services to a wider range of customers, including members of un- and underbanked communities. The partnership will also enhance access to “faster, easier, and more secure experiences” for consumers.

As part of the deal, Prove will integrate a number of solutions into Experian’s digital identity and fraud risk mitigation platform, CrossCore. The specific integrations will vary by region, but include:

  • Prove Pre-Fill – enables auto-fill of application forms with verified data from authoritative sources
  • Prove Identity – validates consumer-provided personal identity information (PII)
  • Trust Score – provides a real-time assessment of phone number reputation for identity verification and authentication
  • Mobile Auth – provides real-time authentication of a consumer’s status on a mobile network

“At Prove, we believe that all consumers should have access to the digital economy, regardless of whether you already have a credit file or not,” Prove co-founder and Chief Executive Officer Rodger Desai said. “We’re proud to be partnering with Experian, which shares our vision for a more financially inclusive digital world. Together, we are giving more companies across the globe access to advanced identity technology, such as cryptographic authentication, that they can use to verify more consumers in a quick and secure manner.”

Prove specializes in verifying identities for members of un- and underbanked communities, many of whom have little or no traditional credit history. The company’s approach to verification leverages mobile phone-centric identity tokenization and passive cryptographic authentication to ensure security and privacy across digital channels while at the same time keeping friction low. More than 1,000 enterprises use Prove’s platform, processing 20 billion customer requests a year in industries ranging from banking and lending to crypto and payments.

“The rapid surge in demand for digital services and the growth of online accounts has accelerated the need for robust, real-time identity verification solutions with the broadest coverage and greatest inclusion,” Experian SVP of Global Identity & Fraud Marika Vilen said. “Integrating Prove’s industry-leading identity solutions with CrossCore and offering them as part of the CrossCore partner program strengthens our state-of-the-art cloud platform, identity verification, and fraud defense while also enabling our customers to verify more customers.”

A Finovate alum since 2011, Experian made its most recent Finovate appearance at FinovateFall in 2018. The company’s partnership announcement with Prove comes less than a week after Experian reported that it was working with U.K.-based unsecured credit provider NewDay. That partnership is geared toward helping Experian Boost customers access a broader array of credit options.

Be sure to join Experian next month for our webinar presentation, Digital Identity: Fintech’s Key to Unlocking Growth, featuring Chief Innovation Officer for Decision Analytics Kathleen Peters.

Photo by Nataliya Vaitkevich