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: Best practice approaches to trade surveillance for market abuse

Breaches of market abuse regulation can lead to reputational damage, eye-watering fines and, ultimately, custodial sentences of up to 10 years. Internally, market abuse triggers scrutiny of traders and trading behaviours; externally it can undermine confidence in markets and cause financial instability. This webinar will discuss market abuse of different types, such as insider trading...

BLOG

Regulated Firms that Don’t Trust Electronic Identification Verification Risk Financial Crime

More than 36% of people in regulated firms who ‘can’t trust’ electronic identity verification technology and instead rely on manual checks are leaving their doors open to financial crime, according to research by anti-money laundering specialist SmartSearch. This statistic, from SmartSearch’s 2023 annual survey of 500 compliance stakeholders across financial, accountancy, property and legal services,...

EVENT

Buy AND Build: The Future of Capital Markets Technology, London

Buy AND Build: The Future of Capital Markets Technology London on September 19th at Marriott Hotel Canary Wharf London examines the latest changes and innovations in trading technology and explores how technology is being deployed to create an edge in sell side and buy side capital markets financial institutions.

GUIDE

Regulatory Data Handbook 2023 – Eleventh Edition

Welcome to the eleventh edition of A-Team Group’s Regulatory Data Handbook, a popular publication that covers new regulations in capital markets, tracks regulatory change, and provides advice on the data, data management and implementation requirements of more than 30 regulations across UK, European, US and Asia-Pacific capital markets. This edition of the handbook includes new...