Our Overall Rating:

Transunion

Sign up with Transunion

You will be redirected to Transunion

Wednesday, September 30th, 2020
Best Payment Providers

A Good Fit For:


What We Like

TransUnion is known as a global intelligence and insights company that promotes trust within the present economy. They provide an all-encompassing picture of each individual person so that they can be accurately and safely be represented in the marketplace. 

Using the TransUnion Global Fraud & Identity Solutions, it merges both consumer and device identities to identify threats in various markets while making sure there is frictionless user experience. The solutions provided by the IDVision with iovation suite combine traditional data science and machine learning, offering businesses exceptional insights tied to consumer transactions, protecting millions of transactions each and every day.

What We Didn't Like

The only issues found were that the use of iovation can take up considerable space on the servers, so this software may lag on smaller networks. Other users requested that they come out with an easier to use, “business rule editor interface”. They added that the software is not easy to use, even intimidating. Especially when it comes to making changes to locations and integrations points. Another lack is the ability to schedule the publishing of the rules.


Need a hand?

Finding the right provider can be a tricky task. You'll need to find the payment partner that is most suited to your business, with the lowest rates, and best customer service. We are payment experts, and can help you find the right solution. We provide consultation for free, and will never charge you for advice.



We're Checking Our Network!

Let us help you find the right provider for your business. We're payment experts and will do the work for you, so you don't have to. We'll check our extensive list of providers, and send you a recommendation by email within 24 hours.

By submitting this form, you agree to our terms of use.

Marketing

Sales

Support

Pricing

Overall

Overview

In 1968, the Union Tank Car Company, which was a railcar leasing company, established TransUnion as its parent holding company. In 1969, they acquired Credit Bureau of Cook County (CBCC) and joined the credit reporting industry.

TransUnion has grown to become one of the world’s foremost global information and insights companies that, with more than 8,000 global associates, is currently servicing more than 30 countries on five continents.

Working internationally for more than 30 years, TransUnion provides “advanced global solutions” such as CreditVision®, IDVision, DecisionEdge®, and the newest and innovative Prama suite. They also offer more localized solutions to meet the individual needs of their clients.

They serve a broad range of industries such as insurance, financial services, retail, telco, as well as the government. Their mission is to equip businesses to operate, compete, and expand within their respective industries. They offer “consumer empowerment solutions” in India, Hong Kong, Canada, and South Africa through various channels.

Here are more relevant facts about TransUnion:

  • They hold a consumer credit database of 1 billion consumers in more than 30 countries.
  • Their global consumer base is more than 65,000 businesses.
  • They hold more than 30 petabytes of data.
  • They possess more than 90,000 data sources, which include financial institutions, public records repositories, and private databases.
  • They receive more than 3 billion updates every month from data providers.

Their most powerful solutions are provided in detail below:

Prama: Features a portfolio of innovative, multifaceted data and analytics abilities that equips customers to take action on insights discovered by simply pushing a button. Clients are able to identify market trends, investigate the most pertinent segments, and make strategic decisions and changes based on that data.

CreditVision®: In order to gain a complete insight on customers, CreditVision® provides credit performance trends and behaviors, enriched data, and analytics. This enables clients to target the right prospects, make quality lending decisions, and manage risk.

IDVision: This solution features a combined suite of Identity Decisions and Fraud Analytics, offering a more comprehensive view of both online and offline consumer identities and any suspicion of fraud. It provides precise insights to proceed with ideal customers through verification and authentication, minimizing fraud.

DecisionEdge®: A potent yet pliable suite of data, analytics, and decisioning solutions, converting insights into more strategic and “actionable” decisions. It enables clients to “optimize smart risk”, develop practical marketing strategies and expand customer relationships with assurance.

On May 18, 2018, TransUnion made the announcement that it was to acquire iovation in order to reinforce its fraud and identity solutions. Iovation was founded in 2004 and it aims to protect online businesses from fraud with its online fraud protection as well as its consumer authentication solutions. It boasts the world’s biggest database of reputation insights.

Headquartered in Portland, Oregon, iovation’s unique selling point is that it offers a “frictionless”, versatile, and a real-time SaaS solution for both fraud prevention and user authentication. It notifies clients if the customer using the site is allowed to use that account or poses a risk based on certain criteria assessing the transaction. It’s core services include customer authentication, fraud prevention, multi factor authentication, as well as transaction reputation scoring.

Here are some relevant facts about iovation:

Since its inception in 2004, iovation has protected more than 54 billion customer transactions.

Both customers and analysts have submitted 83 million reports of both abuse and fraud attempts.

An average of 700,000 fraudulent transactions are prevented daily.

Some of iovation’s products include:

FraudForce: This product provides real-time “device reputation” and “verification insight” in order to discern good customers. It also prevents online fraud.

SureScore: A machine learning product that is able to predict transaction results based on transaction, device trust, and behavioral indicators.

ClearKey: This offers “passwordless” authentication that is based on stringent device fingerprinting as well as contextual insight.

LaunchKey: Multi-factor authentication allows mobile apps to provide advanced knowledge factors, leading edge biometrics, proximity and location methods for robust yet streamlined access to any service or site.

Jim Peck, TransUnion’s president and chief executive officer released a statement about the acquisition:

“TransUnion has long been at the forefront of developing innovative fraud and identity solutions, and together with iovation, we will create an unmatched network of offline and online identities that will help make transactions faster and more secure, while providing a frictionless experience for consumers.”

Chris Cartwright, president of TransUnion’s USIS division added:

“Furthermore, our broad coverage of identities and devices will enable continued innovation in advanced analytics to confidently detect threats across channels, markets and geographies, to equip customers to grow and differentiate their businesses by emphasizing superior user experiences at all touchpoints.”

Marketing

TransUnion/iovation keep abreast of their clients’ pain points through research in the form of surveys as well as conversation with industry leaders in the banking and lending providers sector. Their aim to find more ways to strategically fight fraud and streamline online user experiences. 

Potential clients interested in learning more about their solutions are welcomed to schedule a free demo with a fraud specialist. There is a contact form on their website to describe any specific authentication and fraud needs. Based on this information, an individually-crafted demo will be provided. 

Honesty

There were no instances found of any dishonest representation or of customers complaining about deceptive practices. Both companies have demonstrated a robust reputation within their respective industries. There are numerous reviews by current users of their solutions that are very satisfied with the products and services offered. 

 

 

Sales

Iovation has sought out influential partners to offer more clients the opportunity to mitigate risk. They have partnered with leading companies such as Equifax, Fiserv, Entrust Datacard, ACI Worldwide, Playtech, TransUnion, 4Stop, Synectics Solutions, Scudetto, Regily, CredoLab, Praxis, ForgeRock, Threat Fabric, PingIdentity, and Avoka.

TransUnion/iovation also features a partnership program, offering three different levels or tiers. Here are the different levels:

  • Elite Partner: Partners have access to sales tool kits and pre-sales support, on-site training, summits, certifications, as well as technical support. 
  • Select Partner: The Select Partner Program equips participants with practical sales and marketing tools along with incentive and promotion programs, tech support, event participation, and certifications. 
  • Referral Partner: Through this partner program, participants are able to have access to a global network of users and providers. They are consistently creating joint product offerings that are entirely based on TransUnion/iovation’s authentication and fraud prevention solutions.

 

 

Support

The Customer Success Team works closely with its customers to better comprehend their business needs. Their aim is to not only assist, but to also build long-term partnerships. They have gained a venerable expertise in a wide range of industries, including telecommunications, gaming, gambling, financial services, and retail. They also offer continued training on any new features via their help portal called eLearning. In addition, they offer informative webinars and a helpful user community.

TransUnion/iovation has dedicated a specific page on its website called “Business Support Services”. In it, customers can find a series of contact information for support. For urgent needs, such as a disruption in service, they can contact their Global Technology Support Center at a toll free number that is available 24/7.

For non-urgent requests, customers can e-mail TransUnion’s Global Technology Support Center.

For consumers that have questions related to their personal credit report (fraud, disputes, identity theft), they can contact the Consumer Relations Department at a toll-free phone number or visit a separate web page called the Support Center. 

Pricing

As far as the TransUnion/Iovation pricing model, the only information found was that the per transaction fee is based on the system’s usage. This depends on the volume, the type of transaction, and the length of the contract.

Leave a Reply

Your email address will not be published. Required fields are marked *