Trulioo and Nium elevate UK payment experience with rapid compliance enhancements

Trulioo and Nium elevate UK payment experience with rapid compliance enhancementsTrulioo and Nium elevate UK payment experience with rapid compliance enhancements

Trulioo, an industry-leading identity platform known for its global coverage and comprehensive verification for individuals and businesses, has joined forces with Nium, a pioneer in real-time cross-border payment services.

The partnership is primarily driven by the need to meet rigorous U.K. compliance requirements more efficiently. By leveraging Trulioo’s Person Match, Nium can enhance its verification processes, thereby offering rapid and compliant payment experiences in the U.K., which is critical in the highly regulated financial markets.

Trulioo specialises in robust, scalable solutions for identity verification across 195 countries. The platform supports the verification of over 13,000 ID types and conducts checks against more than 6,000 global watchlists, making it a powerhouse in global compliance and regulatory adherence. Nium operates a dynamic real-time payment network that facilitates transactions to bank accounts, digital wallets, and cards in over 100 currencies across 190 markets. Their services are designed to streamline collections and payouts efficiently and securely.

The collaboration between Trulioo and Nium since 2015 has notably broadened, initially encompassing Nium’s North American operations and now extending into the U.K. This expansion not only reinforces Nium’s commitment to maintaining rigorous KYC, AML, and counter-terrorist financing standards but also highlights Trulioo’s capability to deliver top-tier verification services without substantial administrative overhead.

Additionally, this partnership enables Nium to surpass its previous verification benchmarks, achieving a 27% increase in the U.K. market verification rate and reducing the customer verification time to under 6.43 seconds—well below the targeted 8 seconds.

Trulioo CEO Steve Munford said. “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.”

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