5/22/2012 12:35:28 PM
Equifax to verify identity of O2 Wallet customers
O2 has appointed consumer credit company Equifax to handle its identity verification for its recently launched O2 Wallet service.
The business will work on ID verification across all aspects of the O2 Wallet, from new account applications, increased limit requests, and account changes such as change of address. Equifax has worked with O2 parent company Telefónica for more than a decade, providing identity verification and credit checks. Financial Services Authority (FSA) regulations require the identities of all those who apply for financial accounts where funds are deposited are verified to prevent money laundering.
O2 head of business operations and supplier management Neil Lover said: 'We are enormously excited about the launch of O2 Wallet, and we recognise that security is absolutely key. We have, therefore, trialled O2 Wallet internally for months, undertaking extensive ‘stress-testing’ with security experts. Our partnership with Equifax has also enabled us to ensure that we can meet the high levels of Know Your Customer (KYC) and Anti-Money Laundering (AML) checks required by the FSA, without any significant impact on the customer experience.'
Editor: Graeme Neill