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Nium taps Trulioo to enhance payment compliance in the UK

By Gloria Methri

April 22, 2024

  • AML/KYC
  • Compliance Regulatory
  • Cross Border Payments
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Nium, Trulioo, FinTech, Cross Border Payments, Remittance Service, financial institution, real-time payments, financial tools, foreign immigrants, financial inclusion, Fintech news, Fintech, UK, EuropeTrulioo, an identity platform with global coverage for person and business verification, has collaborated with Nium, the specialist in real-time cross-border payments. Nium integrated the Trulioo Person Match identity verification capability to deliver rapid, compliant payment experiences for its UK operations.

The companies first partnered in 2015, initially for Nium’s North American operations. Since then, Trulioo’s capabilities and industry expertise have enabled Nium to work across highly regulated markets and achieve Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance on both sides of transactions, even for thin-file consumers. Nium today supports a real-time, cross-border payments network for collections and payouts to bank accounts, digital wallets, and cards in more than 100 currencies and 190 markets.

The expanded partnership strengthens Nium’s UK operations without extensive administrative or engineering effort. It allows the payment firm to comply with KYC, AML and counter-terrorist financing controls required by money service business licenses in multiple markets. With Trulioo, Nium can meet those compliance standards while providing the verification speed, precision and security customers expect.

“When you are delivering new compliance solutions, you want a proven and trusted partner with global, 24/7 support to guide you and explain the landscape,” said Dylan Lowrey, General Counsel at Nium. “As we assessed our UK compliance requirements, leveraging our trusted relationship with Trulioo only made sense. Trulioo Person Match provides us with comprehensive data sets, which are crucial for identity verification.”

Trulioo optimizes verification speed and match rates with proprietary algorithms, global and local data source coverage, and source sequencing.

“Moving payment and transaction operations across borders doesn’t have to be a headache,” said Steve Munford, Trulioo CEO. “Our unparalleled global coverage and easily integrated APIs deliver comprehensive data sets that accelerate verification and expedite market expansion without elaborate infrastructure overhauls. The latest chapter in our long-standing partnership with Nium illustrates how data excellence, market expertise, and a shared commitment to compliance cultivate success anywhere in the world.”

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