Experian UK&I expands UK financial verification with Konfir

Global data brokerage

Experian

is expanding its digital verification abilities in the UK with the addition of

Konfir

, a UK employment and income verification platform.

This comes as verification continues to challenge consumers in the UK when verifying income or applying for finance. In these contexts, certain manual checks have to be carried out that can often be slow and stressful. This creates delays, causing backlogs and delaying time-sensitive applications.

What is identity verification and how it works

Identity verification is a method of proving identity and ruling out identity fraud. Often used in financial operations, like opening a bank account, verification procedures let individuals move forward with application processes and receive services. Identity verification typically uses data such as name, DOB, and address, comparing these against trusted databases such as those operated by the government, thus helping prove an identity is authentic. Without such proof, businesses can’t trust every application and could therefore be exposed to certain risks.

Rather than relying on face-to-face authentication, technology such as facial recognition, is used to verify the person behind their online presence. This process is currently the most effective and efficient method for the operator, and is essential in a world where everyone expects a quick service.

It effectively supports the functioning of modern society by reducing fraud in the digital world. As a legal requirement in all regulated KYC (Know Your Customer) sectors worldwide, the financial industry relies heavily on such processes.

Konfir integration strengthens digital verification

Konfir combines open banking and tax data, giving customers a clear picture of income and up to six years of employment history. The integration is available in financial services and tenant markets, helping Experian provide faster checks and improved fraud prevention controls.

Malin Holmberg, CEO of Experian UK&I, said, “This is a moment for our business as it strengthens the next phase of our digital verification strategy. Having worked together since 2023, Konfir strengthens our existing income and employment verification ability, supporting simpler, faster and more seamless customer experiences.”

Chris Milligan, CEO of Konfir, said, “Our mission is simple: help people to progress through life’s important events more seamlessly and securely by improving how verification works.” Milligan hopes to continue progress made over recent years, in which the Konfir platform has helped people “change jobs, move homes, and access the financial products they need.”

The new partnership gives Konfir access to new datasets and a wider global reach, plus it enhances Experian’s employment and income verification abilities. Improved speed creates more satisfied customers, and Experian and Konfir’s technologies can make it harder for criminals to commit identity fraud, reducing the risk of financial loss.

(Image source: Pixabay, under


.)

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