Dun & Bradstreet Takes Full Ownership of FCS Online

Dun & Bradstreet (Australia) has acquired the 53% of FCS OnLine shares it did not hold making it the sole owner of the business as it looks to further integrate its credit reporting and identity verification businesses.

D&B acquired a 47% share of FCS OnLine in February 2008 as part of its expansion plans. That partnership provided D&B and FCS OnLine customers with the ability to confirm identity, for both AML and non-AML purposes, and conduct credit checks in the one transaction.

The ability to combine those services has seen both the D&B Consumer Bureau and FCS OnLine businesses grow rapidly and the acquisition of the remaining shares by D&B will further integrate these services for customers. This is increasingly important as consumers seek on the spot credit approval and credit providers require greater amounts of information and analysis in the current environment on which to base their lending decisions.

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. It also has the unique ability to verify passport information against data from the Department of Immigration.

This provides the largest and most comprehensive identity verification service in Australia and positions FCS OnLine as the nation's leader in assisting organisations 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.

Dun & Bradstreet CEO Christine Christian believes assuming full control of the FCS OnLine business comes at a time of unique opportunity within the industry. “The current environment has created a growing awareness in the credit community of the importance of having access to the most comprehensive and up to date data that can be used in real time,” said Ms Christian.

“As bad debt and fraud rises in an economic downturn credit providers will have a greater need for identity verification and risk assessment services. This requires not only comprehensive data but the ability to interpret that data for customers and turn it into actionable decisions in an automated environment. This acquisition enhances our capacity to do this. It also signals that the current environment will bring great change to the credit reporting and collections industries. While on the surface it looks like the perfect environment for these industries the reality is that many will suffer as debt becomes harder to collect and risk more difficult to assess. As a result customers will turn to those organisations that have the ability to provide enhanced credit assessment and lift collection rates through the smart use and interpretation of data.”

The acquisition of the remaining FCS OnLine shares follows D&B’s purchase of Decision Intellect, Australia’s leading credit decisioning business, in October of last year and reflects an ongoing commitment to invest in, and grow, the D&B business. In the current environment D&B continues to take on new employees and invest in business growth.

 
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