Equifax Inc. (EFX), a global leader in information solutions, recently announced that it has entered into a joint venture agreement with Moneta, an online payment alternative to credit cards, whereby the latter will be utilizing the Equifax credit decisioning system for a new instant credit feature for Moneta’s online payment method.
The online alternative payment gateway of Moneta currently offers an easy-to-use online payment method that allows customers to fund online purchases directly from their bank account without disclosing their personal financial information to the merchant. The instant credit feature is scheduled for release in early 2010, which is expected to extend the funding options of Moneta payments to include the extension of transactional credit for online purchases, in real-time. Moneta markets itself through leading U.S. banks as an extension of their demand deposit account (DDA) service portfolio.
Equifax has also entered into a partnership with Exchange Solution Inc. (ESI). As per the terms of the partnership agreement, both the companies will jointly provide solutions to financial institutions to engage in a two-way dialogue with their customers and provide customers the opportunity to cross-sell their product and enhance their customer service capabilities.
The Web 2.0 platform of ESI includes a software application named "exchange agents" that enables the customer to obtain special products and services from the company, which in turn can be utilized by their customers. This creates good business for both parties involved. By using this new capability, the financial institution can retain customers, offer competitive pricing for products and improve the quality of services, which should lead to greater customer satisfaction.
This apart, vendor and supplier analysis is another area Equifax is also venturing into. Enterprise supply and contract management software company Emptoris and Equifax have joined hands to provide more accurate and value-added information to business about their supplier and vendor spending. In this new venture, Equifax Commercial Information Solutions will give clients an insight into the spending pattern, supplier diversity and financial strength of vendors.
So the introduction of new products and solutions through collaborations is a good growthstrategy for Equifax, but competitive pricing remains a key issue for these products and services to succeed.