Trulioo powers biometric digital identity verification offering from Refinitiv
The partnership announced earlier this year between Trulioo and Refinitiv has led to the launch of biometric digital identity verification and risk screening technology Qual-ID to help financial service providers onboard customers and meet KYC and AML compliance requirements.
Qual-ID combines Refinitiv’s World-Check Risk Intelligence capability with Trulioo’s digital identity network, and is designed to improve customer experience while protecting against fraud and money laundering. A single process through a single point of access allows organizations to use Qual-ID to verify identities against trusted data sources, authenticate legal documents, conduct anti-spoofing checks, and screen for sanctions, PEP, and adverse media risk.
Refinitiv Qual-ID is made up of Identity Verification (IDV), which proves the person exists and is who they say they are, Identity Proofing (IDP), which includes facial biometric verification, and can include a second layer of biometric authentication in the form of a live selfie for anti-spoofing and liveness checking, and Risk Screening.
“Being a financial institution is not simple these days; regulations are rapidly evolving, money-laundering is at an all-time high and consumers are increasingly mobile yet expecting seamless user experiences. Unfortunately, many solutions fail to address this complex environment, leading to revenue loss and abandonment,” states Stephen Ufford, CEO and founder of Trulioo. “Refinitiv Qual-ID fills this void and allows forward-thinking financial institutions to tap into the promise of the digital transformation that’s powering financial inclusion while safeguarding trust and privacy.”
The two companies formed a partnership midway through the year to reduce financial crime and foster financial inclusion.
“Financial services are in the midst of a digital identity revolution, which is being driven by a host of inter-connected factors such as regulations mandating enhanced privacy and consumers who demand more choice and flexibility,” Managing Director of Refinitiv’s Risk business Phil Cotter says. “Refinitiv Qual-ID was built to solve these challenges, backed by established, proven technology and reliable data from two leading organisations. Qual-ID enables financial services providers to reap the benefits of the digital identity revolution through a global solution that facilitates trusted transactions regardless of location.”
Trulioo announced earlier this month that it has raised more than $50 million in funding to fuel the next stage of its growth.