Identity platform Trulioo announces an expanded collaboration with Nium, the real-time cross-border payments company, at Money20/20 Asia in Bangkok.
Nium has integrated the Trulioo Person Match identity verification capability to deliver rapid, compliant payment experiences for its UK operations.
Initiating their partnership in 2015 for Nium’s North American operations, the capabilities and expertise of Trulioo have since empowered Nium to navigate highly regulated markets, ensuring anti-money laundering (AML) and know your customer (KYC) compliance for transactions on both ends, including thin-file consumers.
Presently, Nium operates a real-time, cross-border payments network facilitating collections and payouts to bank accounts, digital wallets, and cards across over 100 currencies and 190 markets.
The extended Trulioo partnership bolsters Nium’s UK operations, reducing the need for extensive administrative or engineering efforts in order to meet stringent KYC, AML, and counter-terrorist financing controls required by money service business licences across multiple markets.
Dylan Lowrey, general counsel at Nium, commented: “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.”
While Steve Munford, CEO at Trulioo, adds: “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.”
Since expanding its partnership with Trulioo to the UK, Nium has increased its overall verification rate by 27 per cent and now verifies customers in less than 6.43 seconds, beating its eight-second goal.
