Refinitiv has released a new mobile onboarding solution that will help financial institutions comply with the latest Know-Your-Customer (KYC) and anti-money laundering (AML) regulations. The platform has been dubbed Qual-ID, and is the result of a partnership between Refnitiv and Trulioo.
Qual-ID combines Trulioo’s selfie-based document and identity verification technology with Refinitiv’s World-Check Risk Intelligence platform. The joint solution is designed to facilitate secure customer onboarding while reducing the threat of identity theft and fraud.
“Regulations are evolving, money-laundering is at an all-time high and consumers are expecting seamless user experiences,” said Trulioo founder and CEO Stephen Ufford. “Unfortunately, many solutions fail to address this complex environment. Qual-ID fills this void and allows financial institutions to tap into the promise of the digital transformation.”
When people sign up for a new account, Qual-ID will first cross-reference their information with independent sources like governments and credit bureaus to confirm that the applicant is indeed a real person. It will then validate their ID document and use a selfie for liveness detection, while World-Check screens for outstanding sanctions and other concerns.
Trulioo previously integrated selfie-based biometric authentication into its GlobalGateway platform through a partnership with Mitek. GlobalGateway would later launch in the Philippines in July of 2018.