About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

Refinitiv and Trulioo Partner on New Digital Identity Product for KYC

Subscribe to our newsletter

Refinitiv today launched Qual-ID, a new solution combining digital identity verification and document proofing from Trulioo with risk screening from its World Check database to help improve digital onboarding of consumers and compliance with KYC and anti-money laundering (AML) regulations around the world.

The launch follows the decision earlier this year to withdraw the firm’s KYC-as-a-Service offering and focus on its point solutions – including World Check, Media Check, EDD and in the area of digital identity.

The new product enables organisations to verify identities against trusted data sources, proof legal documents, conduct anti-impersonation checks, and screen for regulatory and financial risk; such as sanctions, PEPs and adverse media. The process can be completed in one transaction and via a single point of access. It comprises three steps: identity verification, identity proofing (using facial comparison and biometric authentication), and risk screening using Refinitiv’s Risk Intelligence data via World Check.

“Financial services are in the midst of a digital identity revolution, which is being driven by a host of inter-connected factors such as regulations mandating enhanced privacy and consumers who demand more choice and flexibility,” says Phil Cotter, Managing Director of the Risk business at Refinitiv. “Qual-ID was built to solve these challenges, backed by established, proven technology and reliable data from two leading organisations. Qual-ID enables financial services providers to reap the benefits of the digital identity revolution through a global solution that facilitates trusted transactions regardless of location.”

The product is the first outcome of the strategic partnership between Refinitiv and Trulioo signed in June 2019 with the goal of modernising KYC processes and creating new verification-based solutions to reduce fraud and financial crime.

“Being a financial institution is not simple these days; regulations are rapidly evolving, money-laundering is at an all-time high and consumers are increasingly mobile yet expecting seamless user experiences. Unfortunately, many solutions fail to address this complex environment, leading to revenue loss and abandonment,” says Stephen Ufford, CEO and founder of Trulioo.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Unlocking Transparency in Private Markets: Data-Driven Strategies in Asset Management

As asset managers continue to increase their allocations in private assets, the demand for greater transparency, risk oversight, and operational efficiency is growing rapidly. Managing private markets data presents its own set of unique challenges due to a lack of transparency, disparate sources and lack of standardization. Without reliable access, your firm may face inefficiencies,...

BLOG

ace Seeks to Disrupt the Very Idea of ‘Digital’ for Financial Institutions

For more than a decade, financial institutions have been told to go digital. Data strategies have been written, platforms migrated to the cloud, and front-end experiences wrapped in slick apps. But for Niamh Kingsley, founder of ace, that conversation is already out of date. Her new firm, launched in November as a specialist post-digital advisory...

EVENT

Data Management Summit London

Now in its 16th year, the Data Management Summit (DMS) in London brings together the European capital markets enterprise data management community, to explore how data strategy is evolving to drive business outcomes and speed to market in changing times.

GUIDE

Evaluated Pricing

Valuations and pricing teams are facing a much higher degree of scrutiny from both the regulatory community and the investor community in the glare of the post-crisis data transparency spotlight. Fair value price transparency requirements and the gradual move towards a more harmonised accounting standards environment is set within the context of the whole debate...