Integrated Solution to Streamline New Account Opening Process
for Online Brokers
ATLANTA, August 10, 2000
Equifax today announced that it has signed a letter of intent
to execute an exclusive formal agreement with Compliance Data
Center, Inc., of Zephyr Cove, Nev., for joint development and
marketing of enhanced information products for online and traditional
brokerage firms. The agreement is scheduled to be finalized next
month.
Equifax and CDC will provide online information services employing
Equifax's ID verification, social security number verification,
fraud alert and criteria and score-based risk assessment services
and check authorization. Combining these services with CDC's database
of individuals and entities that may have violated brokerage account
responsibilities or regulations, Office of Foreign Asset Control
and public record data, the product will be delivered to customers
online using Equifax's Decision Power Services delivery platform.
Equifax currently serves 17 of the top 35 brokerage firms in
the United States, all using these state-of-the-art online platforms.
This agreement combines the multiple needs and options of each
service into one systematic process, resulting in an application
that meets the requirements of Equifax and CDC's clients. The
companies plan to develop more products for more industries in
the future.
Bill Catucci, Equifax executive vice president and group executive,
North American Information Services, said, "This agreement
will create a truly synergistic offering. Combining several elements
of data from two great companies into one comprehensive online
solution will help the brokerage industry assess and mitigate
risk and combat fraud."
Equifax, a worldwide leader in shaping global commerce, brings
buyers and sellers together through its information management,
transaction processing, direct marketing, and customer relationship
management businesses. Atlanta-based Equifax (NYSE: EFX) serves
the financial services, retail, credit card, telecommunications/utilities,
transportation, information technology and healthcare industries
and government. Equifax adds knowledge, expertise, convenience
and security to provide value-added solutions and processes for
its customers wherever they do business, including the Internet
and other networks. Equifax employs about 15,000 associates in
16 countries with sales in almost 50 and has $1.9 billion in revenue.
Compliance Data Center, Inc., (www.cdcinfo.com), has served the
special legal and compliance needs of the brokerage community
since 1962. With offices in New York and Nevada, CDC provides
extensive coverage throughout the United States and into the extended
trading day. CDC?s member firms provide and retrieve information
through a variety of methods including immediate internet and
telephone communication with experienced industry professionals.
Statements in this press release that relate to Equifax's future
plans, objectives, expectations, performance, events and the like
are "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995 and the
Securities Exchange Act of 1934. Future events, risks and uncertainties,
individually or in the aggregate, could cause actual results to
differ materially from those expressed or implied in these statements.
Those factors could include changes in worldwide and U.S. economic
conditions that materially impact consumer spending and consumer
debt, changes in demand for the Company's products and services,
risks associated with the integration of acquisitions and other
investments, and other factors discussed in the "Forward-looking
Information" section in the management's discussion and analysis
included at Part II, Item 7 in the Company's annual report on
Form 10-K for the year ended December 31, 1999.
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