Trulioo, the international identity verification firm, recently announced four new banking clients: Bambu Systems, Guardian Gold, Nerve and Simba. With Trulioo GlobalGateway, one of the largest networks of identity data and services, financial institutions can “deploy identity checks that help them satisfy Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance requirements.”
Steve Munford, CEO at Trulioo, stated:
“Expectations are at an all-time high when it comes to digital experiences and Trulioo is proud to help organizations meet their customers’ needs. At the onset of the pandemic, we examined consumer perceptions around digital account opening. We found that when a financial services firm incorporated real-time identity verification as part of their onboarding, 83% of people were less likely to abandon the account creation process.”
In addition to adverse effects on customer acquisition, poor onboarding experiences “detrimentally impact brand perception, with Trulioo research revealing that 80% of consumers held greater trust in brands that use identity verification as opposed to those who didn’t.”
Munford continued:
“Both legacy and challenger banks trust Trulioo and its range of solutions to scale innovative global compliance programs while delivering positive customer experiences. We’re pleased to partner with these organizations to continue to support their compliance and risk mitigation initiatives and to help them onboard customers around the world.”
The following financial services providers are amongst Trulioo’s roster of clients:
- Bambu Systems, a digital bank advancing financial inclusion by offering services and products for the unbanked.
- Guardian Gold, a subset of Guardian Vaults, provides a seamless solution for buying and storing physical gold and silver bullion.
- Nerve, the embedded banking platform for the creator economy.
- Simba, a digital bank with a focus on financial products for immigrants in the U.S., offers a mobile platform, no fee banking and free international transfers.
As explained in the update, GlobalGateway provides access “to over 400 data sources to reliably and securely verify the identities of over 5 billion individuals around the world through one API.”
As covered, Trulioo is a global identity verification company, “building trust online so that businesses and consumers can transact safely and securely.”
Trulioo offers real-time verification of 5 billion consumers and 330 million business entities worldwide — “all through a single API integration.” Organizations rely on its identity verification platform, GlobalGateway, to “help meet their business and compliance requirements and automate due diligence and fraud prevention workflows.”
The Trulioo mission is “to help provide every person on the planet with a digital identity to enable access to basic financial services and support.”