Wednesday, October 21, 2020

Refinitiv and Trulioo join forces to fight financial crime


Refinitiv, a worldwide provider of financial markets data and infrastructure, and Trulioo, a leading global identity verification provider, today announced a strategic partnership that will enhance and expand access to digital identity solutions to help foster financial inclusion and fight financial crime.

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

According to Refinitiv’s second annual survey1 of more than 3,000 compliance professionals, up to 72% of businesses around the world are falling prey to financial crime and intend to spend 51% more to detect and prevent financial crime. 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).

Trulioo operates a Digital Identity Network that provides instant access to over 400 procured, vetted, and trusted data sources around the world — all through a single integration. Deploying stringent security and privacy standards combined with the latest innovations in AI, biometrics and cloud computing, Trulioo’s GlobalGateway solution has access to information on more than 5 billion people, enabling organizations 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.”

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“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,” said Stephen Ufford, CEO of Trulioo. “Both organizations share a common mission of supporting financial inclusion through the power of world-class data and technology.”

Trulioo’s ability to verify identity on a global basis is an important factor in the decision by Refinitiv to choose them as a partner. Trulioo’s global coverage combined with their proven ability to deploy solutions at scale within financial institutions provides a good strategic fit for Refinitiv’s global customer base, and focus on helping fight financial crime. The partnership positions both companies for future growth.

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. Trusted by the world’s largest firms, its solutions, including World-Check and World-Check One, simplify day-to-day onboarding and monitoring decisions to help meet regulatory obligations.

1 Innovation and the fight against financial crime: How data and technology can turn the tide, published by Refinitiv, May 2019.

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