Trulioo & Nium Partner for Compliant Payment Experiences

Identity platform for personal and business verification Trulioo has partnered with cross-border real-time payments (RTP) provider Nium to support its delivery of secure, fast and compliant payment experiences for consumers in the UK market. 

Per the deal signed at Money20/20 Asia 2024, Nium will integrate Trulioo’s Person Match identity verification capability – enabling it to continue delivering fast payments but with an added layer of protection in the UK.

Trulioo: Expanding on a trusted partnership

This is not the first collaboration between Trulioo and Nium, the ID verification and cross-border payments platforms first partnered in 2015, when Trulioo signed on with Nium to support its North American operations.

Since this first deal, Trulioo has supported Nium across highly regulated markets to achieve anti-money laundering (AML) and Know Your Customer (KYC) compliance at all transaction stages – even thin-file customers. 

Founded in 2014, Nium has expanded with the support of Trulioo to hold up a cross-border RTP payments network for collections and payouts to bank accounts, digital wallets and cards in more than 100 currencies and 190 markets today. 

Nium’s partnership with Trulioo comes just seven months after it opened its new European headquarters in the UK, its third office in the region. 

Dylan Lowrey, General Counsel at Nium, says: “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.

“As we assessed our UK compliance requirements, leveraging our trusted relationship with Trulioo only made sense. Trulioo Person Match provides comprehensive data sets, which are crucial for identity verification.”

As fraud continues to be a persistent problem, KYC, AML and anti-terrorism financing controls in the UK and other leading markets have become more stringent.

Shell companies have hit the headlines in recent weeks for concealing illicit funds, prompting Moody’s to release a guide on how to spot if a shell company is being used for financial crime. 

Indeed, as criminal activity persists, so does the need for a strict regulatory approach. 

This is why Trulioo’s support of Nium is vital to help it fully comply with these requirements, without extensive administrative or engineering effort.

The ID verification company upgraded its platform in 2022, onboarding new tools for companies to meet regulatory and onboarding requirements with greater ease – and Nium has been a flagship partner. 

Steve Munford, Trulioo CEO, adds: “Moving payment and transaction operations across borders doesn’t have to be a headache. 

“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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