On April 21, Trulioo, an identity verification platform, announced a collaboration with Nium, a provider of real-time cross-border payments. Nium integrated Trulioo’s Person Match identity verification capability to deliver compliant payment experiences for its U.K. operations.
The companies first partnered in 2015, initially for Nium’s North American operations. Since then, Trulioo has enabled the company to work across highly regulated markets and achieve Anti-Money Laundering (AML) and Know-your-customer (KYC) compliance on both sides of transactions, even for thin-file consumers. Nium today supports a real-time, cross-border payments network for collections and payouts to bank accounts, digital wallets and cards in more than 100 currencies and 190 markets.
The companies said that the expanded Trulioo partnership strengthens Nium’s U.K. operations without extensive administrative or engineering effort. It allows the company to comply with KYC, AML and counter-terrorist financing controls required by money service business licenses in multiple markets.
“When you are delivering new compliance solutions, you want a proven and trusted partner with global, 24/7 support to guide you and explain the landscape,” said Dylan Lowrey, general counsel at Nium. “As we assessed our U.K. compliance requirements, leveraging our trusted relationship with Trulioo only made sense. Trulioo Person Match provides us with comprehensive data sets, which are crucial for identity verification.”
Trulioo optimizes verification speed and match rates with proprietary algorithms, global and local data source coverage, and cutting-edge source sequencing. Since expanding its partnership with Trulioo to the U.K., Nium said it has increased its overall verification rate by 27% and now verifies customers in less than 6.43 seconds, beating its eight-second goal.
“Moving payment and transaction operations across borders doesn’t have to be a headache,” said Steve Munford, Trulioo CEO. “Our unparalleled global coverage and easily integrated APIs deliver comprehensive data sets that accelerate verification and expedite market expansion without elaborate infrastructure overhauls. The latest chapter in our long-standing partnership with Nium illustrates how data excellence, market expertise and a shared commitment to compliance cultivate success anywhere in the world.”
