RegTech firm PassFort and identity verification company Trulioo have partnered to offer regulated businesses a way to digitally transform their KYC and KYB processes.
According to PassFort, the partnership will bring flexibility and worldwide coverage so that onboarding and risk monitoring can be tailored and performed digitally for any type of customer and any product anywhere globally.
PassFort remarked it provides the orchestration layer that can be used to map and manage any type of risk and compliance workflow, while it integrates Trulioo’s identity verification checks to bring the robust and accurate data needed to satisfy KYC and KYB processes.
PassFort cited research it previously conducted that found customers who received a better-than-expected experience of compliance onboarding described themselves as more likely to recommend their provider at 77%. Meanwhile, only 32% of those who experience worse than expected service said they would recommend their provider.
PassFort CEO and co-founder Donald Gillies said, “Over the last 12 months, more than 4.3 million compliance journeys were started in the PassFort platform in 197 countries, covering 211 jurisdictions. It is really important to us and our customers that their compliance processes are efficient and scalable – growing into new regions as our customers grow and supporting their new products as they are launched. Our partnership with Trulioo creates the best possible experience for global financial services customers who can expect a smooth digital compliance journey.”
Trulioo SVP of identity solutions Garient Evans added, “Upholding trust and safety online is critical, especially in an increasingly borderless world. We’re pleased to support a global-first approach and partner with PassFort to offer the world’s largest network of identity data and services through Trulioo GlobalGateway.”
In June last year, Trulioo entered the unicorn club after its $394m Series D round puts its valuation at $1.75bn.
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