Fintechs Trulioo and Nium partner to enhance UK operations with rapid, compliant payment experiences
Trulioo, an industry-leading identity platform with proven global coverage for person and business verification, have announced at Money20/20 Asia its collaboration with Nium, the global leader in real-time cross-border payments. Nium integrated the state-of-the-art Trulioo Person Match identity verification capability to deliver rapid, compliant payment experiences for its U.K. operations.
The companies first partnered in 2015, initially for Nium’s North American operations. Since then, the breadth and depth of Trulioo capabilities and industry expertise has enabled Nium 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 expanded Trulioo partnership strengthens Nium’s U.K. operations without extensive administrative or engineering effort. It allows Nium to comply with stringent KYC, AML and counter-terrorist financing controls required by money service business licenses in multiple markets. With Trulioo, Nium can meet those compliance standards while providing the verification speed, precision and security customers expect.
“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 has increased its overall verification rate by 27% and now verifies customers in less than 6.43 seconds, beating its 8-second goal.
The expanded partnership highlights the agility, expertise and global support Trulioo delivers to meet Nium’s evolving needs. It also showcases the companies’ mutual goal of setting new standards for compliance, security and customer experience in financial services.
“Moving payment and transaction operations across borders doesn’t have to be a headache,” said Steve Munford (pictured), 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.”
