Standard Life will use Equifax's automated decisioning system, Decision Navigator, which can process thousands of new account applications in seconds.
This deal builds on the success of Equifax's relationship with Standard Life, helping to address the latest anti-money laundering legislation.
Andrew Searle, investigation and money laundering reporting manager at Standard Life, said: "At Standard Life, we need to ensure that we are compliant with anti-money laundering legislation while at the same time being expedient and efficient with our customers. Equifax's Decision Navigator ensures that we meet these requirements."
Decision Navigator allows regulated companies to control the data and anti-money laundering policy rules used in electronic ID checks on a portfolio basis.
It also provides an archive of all ID checks with a comprehensive audit trail of how each decision is made. The flexibility of the system provides the client with full control over security and policy rules changes.
Neil Lewis, head of fraud services at Equifax, said: "Standard Life chose Equifax after it demonstrated the strength of Decision Navigator, with its ability to be configured to adapt to ongoing changes to regulations, alongside the high quality and comprehensive range of data sources."
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