LexisNexis Risk Solutions has agreed to acquire ID Analytics, a provider of credit and fraud risk solutions.
As part of the deal, ID Analytics will join the LexisNexis Business Services group, which combines data resources and technology to generate actionable insights to help businesses better analyse and assess risk.
LexisNexis believes there are two key areas the addition of ID Analytics will improve operations. The first is its fraud and identity management, which uses analytic models and verification solutions to help consumers identify consumer risk.
The second is credit risk decisioning, a service that leverages data attributes to give organizations a better understanding of consumer risk and credit worthiness to improve financial inclusion.
LexisNexis Risk Solutions CEO Rick Trainor said, “ID Analytics is widely recognized in the fraud and identity and credit risk space for its differentiated contributory data assets and advanced analytics capabilities.
“Combined with our strengths of verifying and authenticating physical and digital identities, our customers will benefit from an even more comprehensive approach to detecting and preventing fraud and managing risk.”
LexisNexis, an Atlanta-headquartered company, uses data analytics to build insights which businesses and governments can use to reduce risk. The insurance, financial services and healthcare industries utilise the platform to boost compliance, fraud and identity management, credit risk assessment, due diligence and collections.
In 2018, the RegTech partnered with iMeta Technologies to help financial institutions lower financial crime risk. The deal saw LexisNexis integrate iMeta’s client lifecycle management technology.
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