GLOBAL financial services firm Equifax has expanded its Co. Wexford operation with the launch of a new state-of-the-art AI Innovation Lab.
The opening of the new facility will bring Equifax's employment in Wexford to 100 employees and expands its global team of more than 1,200 data and analytics professionals.
American multination Equifax, headquartered in Atlanta, Georgia, is one of the world's largest consumer credit reporting agencies.
The new Wexford lab builds on the company's more than 10-year history of AI innovation and will be dedicated to advancing Equifax's global artificial intelligence Research and Development.
"We are incredibly excited to expand our Wexford team through this investment and have immense confidence in the calibre and expertise of the marketplace in Ireland and specifically in the South East, as evidenced by our 30-year presence in Wexford town," said Paul Heywood, Chief Data & Analytics Officer for Equifax Europe.
AI initiatives
The investment, supported by the Irish Government through IDA Ireland, will bring together highly-skilled data and technology specialists to create next generation AI solutions.
It will focus on developing AI models, machine learning algorithms, Research and Development and data analytics tools to address challenges faced by businesses and consumers.
Initially, the lab will concentrate on AI-driven solutions for credit risk assessment that can augment decision-making for fintechs and financial institutions.
This includes enhancing fraud detection, improving credit risk assessment, optimising marketing strategies and strengthening cybersecurity measures.
'Vote of confidence'
"Our new AI Innovation Lab is designed to empower financial institutions with the tools needed to make smarter, faster and more confident credit decisions, helping more consumers live their financial best," said Mr Heywood.
"Through the AI Innovation Lab, and by harnessing our unique data and insights within the Equifax Cloud, we are committed to delivering secure, reliable and innovative best-in-class solutions for businesses and consumers alike."
Meanwhile, Ceann Comhairle Verona Murphy, who has served as TD for Wexford since 2020, added: "The Equifax decision to establish its AI Innovation Lab in Wexford is a powerful vote of confidence in Wexford and the South East Region.
"This investment highlights the highly skilled workforce and culture of innovation on offer in Wexford for companies that wish to expand their offering globally."
