Dun & Bradstreet has acquired a stake in FCS OnLine bringing together two of Australia’s most powerful identity verification and credit reporting databases.  The move provides both Dun & Bradstreet and FCS OnLine customers with the ability to credit check and confirm consumer identities, in line with the Federal Government’s new Anti-Money Laundering laws, in one transaction.

The shareholding and partnership is another step in Dun & Bradstreet’s growth in the consumer credit reporting industry. Following D&B’s launch of a consumer bureau in 2004 it has rapidly acquired customers and market share – including major banks, financial services companies, telcos and utilities – and led the industry in the campaign for reform of Australia’s credit reporting laws.

FCS OnLine has grown rapidly since its inception in 2002 and has marked out a unique space in electronic identity verification and customer contact services. FCS OnLine has access to a number of government and non-government data sources, including the Australian Electoral Roll which it has been granted special permission to use.  This provides the largest and most comprehensive identity verification service in Australia and positions FCS OnLine as the nation’s leader in assisting organizations to comply with the Commonwealth Government’s Anti-Money Laundering / Counter Terrorism Financing legislation.  Critically the legislation requires independent identity verification and recommends electronic verification such as that provided by FCS OnLine.  The Dun & Bradstreet and FCS OnLine partnership means financial service companies can now comply with the new laws and conduct a credit check in the one transaction.  Terms of the transaction were not disclosed.

Source: D&B Australia Press Release  –  See https://2018.biia.com/press.php

BIIA Newsletter February 2008 Issue