Equifax UK Launches Digital Tool for Faster Social Tariffs
Hey FinTech Fanatic!
Equifax UK launched a transformative tool to support financially vulnerable consumers. Tariff Connect is designed to streamline eligibility assessments for social tariffs, giving utility and telecoms providers a smarter, faster way to help customers access essential discounts and special pricing plans.
By harnessing the power of Open Banking, Tariff Connect automates the once-manual, document-heavy process. It’s about making life easier for consumers and bringing operational efficiency to firms. For those facing financial hardship, this tool ensures that support is just a few clicks away, with eligibility reassessed regularly to adapt to changing consumer circumstances.
Craig Tebbutt, Equifax UK’s Chief Strategy and Innovation Officer, shared his thoughts on the launch: “The economic backdrop may have improved, but beneath the surface, cost-of-living pressures remain high, especially around domestic bills. With nearly 6.4 million people in the UK relying on Universal Credit, the need for accessible social tariffs is greater than ever. The launch of Tariff Connect simplifies access to social tariff rates for those facing financial difficulty and reflects our commitment to leveraging technology to drive positive social impact.”
This announcement follows growing pressure from regulators and policymakers to support financially vulnerable households as they grapple with high energy costs and inflation.
Good news to finish the week! Keep scrolling if you’re interested in reading a bit about what’s been happening in FinTech, I'll be back on Monday!
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