Trulioo has been selected by JP Morgan (NYSE:JPM) to provide identity verification for payments globally. This is for both individual and business validation. Trulioo did not shed light on the agreement but working with JPM is quite a validation of their services and the contract must be substantial.
JPM Managing Director and Global Head of Trust & Safety for J.P. Morgan Payments, Ryan Schmiedl, described Trulioo as the leader in ID verification providing the authentication and verification they need to protect against fraud in the onboarding process.
JP Morgan reportedly processes over $9 trillion in payments each day. This includes 160 countries and 120 currencies so just about the entire world.
Steve Munford, Chief Executive Officer, Trulioo, said his company was best positioned to support JPM’s merchants and consumers with their flexible deployment options.
“Trulioo is the leader in combining KYB and KYC in one platform. With real-time access to hundreds of government registries, public records, data sources, and document types, we can verify people and businesses globally, leaving no space for bad actors and, ultimately, help JP Morgan clients adhere to the highest of standards, no matter where their clients operate.”
Trulioo says it currently provides real-time verification for more than 5 billion people and 700 million business entities worldwide.