Phil Cotter, MD of the Risk business at Refinitiv

Financial markets data and infrastructure provider, Refinitiv has entered into a partnership with identity verification provider Trulioo, with an aim to make digital identity solutions more accessible for financial inclusion. It is expected to deliver solutions for fraud reduction, financial crime reductions while simultaneously adhering to the AML and KYC regulations.

“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.”

According to the supplier, Trulioo’s footprint and ability to deploy solutions at scale within financial institutions combined with Refinitiv’s capabilities will support and strengthen the fight against financial crime. It also aims to fuel the companies’ growth.

Established in 2011, Trulioo is a global identity and business verification that provides access to independent and trusted data sources. It aims to power fraud prevention and compliance systems for customers worldwide in an attempt to solve financial crimes.

“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.”

Recently, Refinitiv entered into an agreement to acquire a cloud-based Order Management System (OMS) Alphadesk.

by Megha Bhattacharya
Market Analyst at IBS Intelligence