Collaboration Empowers Nium to Exceed Benchmarks by Boosting UK Verification Rate by 27%
BANGKOK, April 22, 2024–(BUSINESS WIRE)–Trulioo, an industry-leading identity platform with proven global coverage for person and business verification, today announced at Money20/20 Asia its collaboration with Nium, the global leader in real-time cross-border payments. Nium integrated the state-of-the-art Trulioo Person Match identity verification capability to deliver rapid, compliant payment experiences for its U.K. operations.
The companies first partnered in 2015, initially for Nium’s North American operations. Since then, the breadth and depth of Trulioo capabilities and industry expertise has enabled Nium to work across highly regulated markets and achieve Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance on both sides of transactions, even for thin-file consumers. Nium today supports a real-time, cross-border payments network for collections and payouts to bank accounts, digital wallets and cards in more than 100 currencies and 190 markets.
The expanded Trulioo partnership strengthens Nium’s U.K. operations without extensive administrative or engineering effort. It allows Nium to comply with stringent KYC, AML and counter-terrorist financing controls required by money service business licenses in multiple markets. With Trulioo, Nium can meet those compliance standards while providing the verification speed, precision and security customers expect.
“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,” said Dylan Lowrey, General Counsel at Nium. “As we assessed our U.K. 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.”
Trulioo optimizes verification speed and match rates with proprietary algorithms, global and local data source coverage, and cutting-edge source sequencing. Since expanding its partnership with Trulioo to the U.K., Nium has increased its overall verification rate by 27% and now verifies customers in less than 6.43 seconds, beating its 8-second goal.
The expanded partnership highlights the agility, expertise and global support Trulioo delivers to meet Nium’s evolving needs. It also showcases the companies’ mutual goal of setting new standards for compliance, security and customer experience in financial services.
“Moving payment and transaction operations across borders doesn’t have to be a headache,” said Steve Munford, Trulioo CEO. “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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For more information about Trulioo, please visit trulioo.com.
About Trulioo
Trulioo is the world’s identity platform, trusted by leading companies for their verification needs. Offering business and person verification across the globe, Trulioo covers 195 countries and can verify more than 13,000 ID documents and 700 million business entities while checking against more than 6,000 watchlists. Its comprehensive suite of in-house capabilities, integrated across a single automated platform, powers customizable onboarding workflows tailored to meet any market requirement. Combining its state-of-the-art technology with expert verification knowledge across diverse markets, Trulioo enables the highest verification assurance levels, optimizing onboarding costs and fostering trust in the global digital economy.
About Nium
Nium, the leader in real-time, cross-border payments, was founded on the mission to deliver the global payments infrastructure of tomorrow, today. With the onset of the global economy, its payments infrastructure is shaping how banks, fintechs, and businesses everywhere collect, convert, and disburse funds instantly across borders. Its payout network supports 100 currencies and spans 190+ countries, 100 of which in real-time. Funds can be disbursed to accounts, wallets, and cards and collected locally in 35 markets. Nium’s growing card issuance business is already available in 34 countries. Nium holds regulatory licences and authorizations in more than 40 countries, enabling seamless onboarding, rapid integration, and compliance – independent of geography. The company is co-headquartered in San Francisco and Singapore.
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