Trulioo partnership extension boosts Nium’s UK digital payment operations

Real-time digital payments firm Nium has struck a new deal with digital ID verification partner Trulioo to provide quick, secure and compliant payment services in the UK.

In a joint announcement, the partners say Nium has integrated Trulioo’s Person Match identity verification capabilities to deliver the results, enabling it to increase its overall verification rate by 27% now verifying customers in less than 6.43 seconds, beating its 8-second objective.

This latest deal is the extension of a partnership which they first established in 2015, which is said to have helped Nium meet Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance requirements for all transactions it has processed.

The expanded collaboration, per the announcement, will permit Nium comply with stringent KYC, AML and counter-terrorist financing controls required by money service business licenses in multiple markets.

Commenting about the deal, Dylan Lowrey, general counsel at Nium, says: “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. As we assessed our UK 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 CEO Steve Manford remarks: “Moving payment and transaction operations across borders doesn’t have to be a headache. 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.”

The partners say the deal not only reflects the agility, expertize and global support which Trulioo delivers to meet Nium’s evolving needs, it equally underscores their common objective of setting new standards for compliance, security and customer experience in financial services.

Trulioo says the Person Match identity verification platform, which was launched in 2023, is contributing to revenue growth for the company.

Nium, in February, announced its expansion in the Middle East, increasing its financial institutions and foreign exchange firms clientele.

Article Topics

financial services  |  identity verification  |  KYC  |  mobile banking  |  Person Match  |  selfie biometrics  |  Trulioo