J.P. Morgan Payments has selected global identity verification platform Trulioo to help its clients combat fraud and other financial crimes.
The move will see J.P. Morgan Payments utilise the Canadian firm’s array of solutions to bolster its own fraud prevention services. This will see Trulioo’s services support a simplified, frictionless payments experience worldwide through their incorporation into the payments providers’ product.
J.P. Morgan will enhance its payments services by providing capabilities for consumer and business verification, including Trulioo’s Person Match and Identity Document Verification.
Trulioo’s company ethos centres around verifying the identity of anyone and any business around the world, as they drive growth for organisation’s by helping them navigate the challenges of compliance.
J.P. Morgan processes payments more than $9tn in a day, in over 160 countries and 120 currencies. Its Trust & Safety solutions validate users’ accounts and boost their defense proactively for all end-to-end payments, helping clients take preventative measures against fraud and other security risks.
Ryan Schmiedl, Managing Director – Global Head of Trust & Safety for J.P. Morgan Payments, said, ““Trulioo is a leader in ID verification. We chose the platform because of its breadth of personally identifiable data sources, impressive match rates and global footprint. Trulioo has the trusted authentication and verification experience we want to offer clients and additional layers of protection from fraud during the onboarding experience and beyond.”
Jason Tiede, Global Head of Corporate Development and Partnerships for J.P. Morgan Payments, said, “The Trulioo and J.P. Morgan partnership enables our clients to more easily mitigate fraud with a specialized focus on streamlining consumer and business verification. It’s an important addition to our ever-growing ecosystem of payments partnerships, and we look forward to continuing to expand the collaboration.
Steve Munford, Chief Executive Officer, Trulioo, said, “Trulioo is proud to work with J.P. Morgan as they continue extending excellence in payment services to their banking clients. As trusted experts in global person and business verification, we are best positioned to support the onboarding of their merchants and consumers with our configurable capabilities and flexible deployment options.
“Trulioo is the leader in combining KYB and KYC in one platform. With real-time access to hundreds of government registries, public records, data sources and document types, we can verify people and businesses globally, leaving no space for bad actors and, ultimately, help J.P. Morgan clients adhere to the highest of standards, no matter where their clients operate,” he continued.
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