Identity verification platform for individuals and companies To assist its delivery of safe, quick, and compliant payment experiences for customers in the UK market, Trulioo has teamed with cross-border real-time payments (RTP) provider Nium.

Nium will include Trulioo's Person Match identity verification capabilities in accordance with the agreement reached at Money20/20 Asia 2024. This will allow Nium to continue offering quick payments in the UK while also adding an extra degree of security.

Trulioo: Growing a reliable alliance

The ID verification and cross-border payments systems, Trulioo and Nium, have previously worked together. In 2015, Trulioo joined with Nium to bolster its operations in North America.

Since this initial transaction, Trulioo has assisted Nium in achieving anti-money laundering (AML) and Know Your Customer (KYC) compliance in highly regulated markets at every stage of the transaction, even with thin-file clients.

Since its founding in 2014, Nium has grown to enable a cross-border RTP payments network enabling payments to cards, digital wallets, and bank accounts in more than 190 countries and 100 different currencies. This network was made possible with the help of Trulioo.

Nium just launched its third office in the area, its new European headquarters in the UK, seven months prior to partnering with Trulioo.

"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," says Dylan Lowrey, General Counsel at Nium.

"It simply made logical to use our trusted connection with Trulioo as we evaluated our UK compliance obligations. Comprehensive data sets, which are essential for identification verification, are offered by Trulioo Person Match.

KYC, AML, and anti-terrorism funding regulations have tightened in the UK and other major markets because to the ongoing problem of fraud.

Because of the current media attention on shell firms' alleged concealment of illegal cash, Moody's has released a guide explaining how to determine whether a business is being used for financial crime.

In fact, the demand for stringent regulations grows with the persistence of illegal activities.

Because of this, Nium needs Trulioo's assistance to completely meet these standards without requiring a lot of administrative or technical work.

In 2022, the ID verification firm improved its platform and included new capabilities, making it easier for businesses to comply with legal standards and onboard new employees. Nium has been a prominent partner in this endeavor.

The CEO of Trulioo, Steve Munford, continues, saying that transferring payment and transaction processes internationally doesn't have to be difficult.

"Without complex infrastructure overhauls, our unmatched global coverage and seamlessly linked APIs give comprehensive data sets that accelerate verification and speed up market development.

"The most recent phase of our enduring collaboration with Nium exemplifies how success can be achieved globally through data excellence, market knowledge, and a mutual dedication to compliance."