Trulioo and Nium partnered to enhance UK Operations with rapid, compliant payment experiences

This expanded collaboration underscores Trulioo's agility, expertise, and global support in meeting Nium’s evolving needs

Trulioo, a leading identity platform renowned for its global coverage of person and business verification, disclosed its collaboration with Nium, the foremost provider of real-time cross-border payments. Nium has seamlessly integrated Trulioo's advanced Person Match identity verification capability to facilitate swift and compliant payment experiences for its operations in the United Kingdom. Having initially joined forces in 2015 for Nium’s North American operations, the partnership has since flourished, leveraging Trulioo's extensive capabilities and industry knowledge to navigate highly regulated markets and ensure anti-money laundering (AML) and know-your-customer (KYC) compliance on both ends of transactions, including for thin-file consumers. Nium now operates a real-time cross-border payments network, supporting collections and payouts to various financial instruments in over 100 currencies and 190 markets.

The extended partnership with Trulioo bolsters Nium’s operations in the U.K. without necessitating significant administrative or engineering adjustments. It enables Nium to adhere to rigorous KYC, AML, and counter-terrorist financing controls mandated by money service business licenses in multiple jurisdictions while maintaining the speed, accuracy, and security standards expected by customers. Trulioo enhances verification speed and match rates through proprietary algorithms, extensive global and local data source coverage, and advanced source sequencing. Since expanding the partnership to include the U.K., Nium has witnessed a 27% increase in its overall verification rate, now processing customer verifications in less than 6.43 seconds, surpassing its initial 8-second target.