Refinitiv launches Qual-ID for advancing digital identity technology

Phil Cotter, MD, Risk Business, Refinitiv

Refinitiv has announced the launch of Qual-ID, a solution comprising digital identity verification and risk screening capabilities, along with Trulioo, in a bid to provide digital onboarding for customers and achieve compliance with KYC and AML regulations.

“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,” said Phil Cotter, Managing Director of the Risk business at Refinitiv. “Refinitiv Qual-ID was built to solve these challenges, backed by established, proven technology and reliable data from two leading organizations. 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.”

According to the supplier, Qual-ID is expected to improve the consumer experience through fraud protection and anti-money laundering.  It combines Refinitiv’s World-Check Risk Intelligence with Trulioo’s digital identity network. It enables organizations to verify identities against trusted data sources, proof legal documents, conduct anti-impersonation checks and conduct screenings for regulatory and financial risks.

“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,” said Stephen Ufford, CEO, and founder of Trulioo. “Refinitiv Qual-ID fills this void and allows forward-thinking financial institutions to tap into the promise of the digital transformation that’s powering financial inclusion while safeguarding trust and privacy.”

The solution’s launch follows Refinitiv’s announcement of its partnership with Trulioo, earlier this year.

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