Financial market data platform Refinitiv will deploy Trulioo’s digital identity verification services to help customers meet regulatory compliance.
Through the new strategic partnership, the companies are hoping to help financial institutions around lower fraud and financial crime by verifying billions of customers online while adhering to AML and KYC regulations.
Refinitiv recently compiled a study of over 3,000 compliance professionals and found 72 per cent of businesses around the world were falling victim to financial crime. Due to this, the businesses are looking to spend 51 per cent more capital on detecting and preventing financial crime.
When choosing who to partner with, Trulioo’s global identity verification capabilities stood out for Refinitiv. By being able to cover companies around the world and having deployed solutions at scale within financial institutions means they will easily fit in with Refinitiv’s global customer base.
Refinitiv delivers accurate risk intelligence to help corporates and financial institutions comply with regulatory obligations and risk management procedures as well as detect and prevent financial crime. Its World-Check solution uses AI and machine learning technology to ease the daily onboarding and monitoring tasks.
Trulioo is a digital identity network which gives businesses around the world tools to verify customers online. The company extended its reach to Malta by adding it to its GlobalGateway solution, a marketplace of global identity data and services.
Refinitiv managing director of the risk business Phil Cotter said, “Our customers operate in a fast changing and dynamic market, and when it comes to managing their KYC, due diligence and financial crime risks, rapid changes in technology and digitalisation continue to shape the support they need.
“The partnership between Refinitiv and Trulioo will build on our expertise with World-Check, and will focus on delivering faster innovation to help customers meet these new demands and in the process meet their regulatory obligations.”
Earlier in the year, Refinitiv formed a partnership with digital client lifecycle management company Fenergo. Refinitiv deployed its World-Check solution to help the company meet its due diligence and KYC screening obligations.
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