Trulioo partners with Collabria; sees growth in APAC

The largest credit union credit card issuer in Canada is partnering with digital identity verification company Trulioo.

Collabria Financial Services serves more than 98 percent of credit unions across Canada, and by integrating Trulioo’s verification capabilities the company is hoping to deliver fast, compliant and automated onboarding.

It’s expected that Collabria will allow the full automation of Trulioo’s Know Your Business review in addition to its Know Your Client process. “The partnership with Trulioo marks a pivotal step forward in enhancing our security measures, while delivering a more streamlined, customer centric process,” said Collabria CEO Jean-Marc Handifeld.

Trulioo CEO Steve Munford commented: “We are proud to partner with Collabria to deliver streamlined identity verification solutions for their cardholders.”

Trulioo sees growing demand in Asia-Pacific

Trulioo has been seeking to expand its business in the Asia-Pacific region, which is where some of its executives have been attending events recently.

Asia is of course host to some major ongoing digital transformation with numerous countries, especially in Southeast Asia, having built or in the process of building national digital identity systems. In addition, financial institutions, banks and card companies – for example Mastercard – are part of the digital transformation.

Interviewed by AsiaBizToday at Singapore Fintech Festival 2024, Trulioo’s APAC director of operations Ivan Yang said that many of the company’s North American and European clients are expanding into Southeast Asia while APAC companies are seeking to scale internationally.

In addition, Trulioo is experiencing strong demand within the payments, remittance and marketplace sectors, powered by APAC’s digital transformation. Yang revealed that in China and Australia, where they have strong national ID systems, Trulioo works with government agencies on streamlining verification processes; but that navigating the diverse regulatory environment across APAC means local partnerships can make a big difference.

Yang singled out Singapore’s implementation of SingPass as a benchmark for digital identity standards, which has influenced Trulioo’s approach to verification across APAC.

Meanwhile, Trulioo chief technology officer Hal Lonas pointed to its partnerships, like the ones it has with Airwallex and Mastercard, as strengthening its platform’s resilience and allowing further technological refinements.

Big trend for 2025: “different ways people want to identify themselves”

Trulioo chief product officer Zac Cohen was interviewed at Money 20/20 USA and highlighted the “nuance” in which enterprises operate, when considering the different demographics they serve, whether that’s the U.S. or Japan or Latin America, he said by way of example.

Cohen was prompted on burgeoning transactional volume, and deferred to growing “digital participation” in the economy and emphasized equal access and a “level playing field” for the digital ecosystem. On the regulatory landscape Cohen referred to “stricter measures” around data privacy and what organizations can do with the data they process. In addition, there’s growing transparency for users to see how they’re data is being used; a greater consolidation in regulations that was begun by GDPR.

Asked about what trends he’s watching in his sector as we approach the new year, Cohen replied that one of the big trends for Trulioo is the “different ways people want to identify themselves” – and went on to mention electronic IDs in Europe, mobile driver’s licenses in the U.S., and lastly the trend of “fraud intelligence.” You can watch the full interview here.

Article Topics

APAC  |  Canada  |  digital identity  |  financial services  |  identity verification  |  KYC  |  onboarding  |  Trulioo