Trulioo takes fight to financial crime in partnership with Refinitiv

Trulioo

Identity verification provider Trulioo has announced a strategic partnership with Refinitiv to help foster financial inclusion and fight financial crime.

Refinitiv provides accurate risk intelligence to help corporates and financial institutions comply with their regulatory obligations and risk management procedures to detect and prevent financial crime and other unlawful acts.

The partnership is seen by Trulioo as a “good strategic fit” considering the global reach of both companies. Refinitiv serves over 40,000 institutions in more than 190 countries, while Trulioo provides instant access to over 400 trusted data sources around the worldwide.

It aims to deliver innovative solutions that will help financial institutions across the globe to reduce fraud and financial crime by verifying billions of customers online while adhering to anti-money laundering and Know-Your-Customer regulations.

For example, Trulioo’s GlobalGateway solution has access to information on more than 5 billion people, enabling organisations to run identity verification checks with accuracy, reliability, speed and scale.

“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,” said Phil Cotter, Managing Director of the Risk business at Refinitiv.

“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.”

“The combination of Refinitiv’s trusted data and compliance expertise and Trulioo’s identity verification capabilities and global coverage, will bring modernized KYC processes to thousands of financial institutions around the world, and in turn, help millions of underbanked gain access to the financial services they deserve,” added Stephen Ufford, CEO of Trulioo.

“Both organizations share a common mission of supporting financial inclusion through the power of world-class data and technology.”

According to Refinitiv’s second annual survey of more than 3,000 compliance professionals, up to 72 per cent of businesses around the world are falling foul of financial crime and intend to spend 51 per cent more to detect and prevent it.

This wake-up call is leading to businesses adopting new technologies to plug compliance gaps with cloud-based data and technology the top choice, followed by Artificial Intelligence (AI) and Machine Learning (ML).