Credit reporting agency Equifax has acquired transaction data analytics firm AccountScore for an undisclosed sum.

Equifax, which operates or has investments in 25 countries, said the acquisition will bolster its open banking capabilities and improve its product offerings.

AccountScore provides accurate transaction data analytics using data sourced from its subsidiary Consents Online or directly imported.

These insights into bank transaction data will mean that Equifax clients can benefit from higher rates of automated and digital income verification, with the company able to use more up-to-date information when calculating credit scores, as well as information that isn’t currently taken into consideration.

This means that those with ‘thin’ credit files, or very few credit accounts, have a better chance of accessing credit.

Regulatory approval for the acquisition has been received from the Financial Conduct Authority.

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AccountScore and Equifax have been partners for the past two years, and have collaborated on a number of products.

Patricio Remon, president of Europe at Equifax, said:

“This is a really exciting development for Equifax and the acquisition of AccountScore, our long-term partner in Open Banking, is a natural next step as we continue to expand our data and analytics capabilities. AccountScore is a pioneering company with a proven track record of building innovative Open Banking platforms and this signals our commitment to continuously evolve and embrace strategic innovation to support our clients’ digital transformation and will bring many benefits for their customers.

“More than 2.5m UK consumers and businesses now use Open Banking-enabled products to manage their finances, access credit and make payments. This growth is helping to empower a generation of consumers, giving them more control over their own financial information, offering them greater access to a wider range of financial products and making it much easier to complete simple digital applications.”

Read More: Fintech predictions for 2021: Seven experts have their say.