PassFort, a Moody’s Analytics company, announced today a new partnership with Trulioo, a leading global identity verification company.
Through this partnership, PassFort, a global provider of software-as-a-service regulatory technology solutions, and Trulioo will offer regulated businesses a way to digitally transform Know Your Customer (KYC) and Know Your Business (KYB) processes, no matter where in the world the business or their customers are based.
With the increased introduction and uptake of digital financial services around the world, borders are becoming less relevant to financial technology firms and their customers. Organisations want to acquire and onboard customers from different regions and consumers do not want to be bound by their country of origin when accessing financial products.
Research from PassFort shows that customers who received a better than expected experience of compliance onboarding, described themselves as more likely to recommend their provider (77 percent). Meanwhile, only 32 per cent of customers whose experience was worse than expected said they would recommend their provider.
The partnership brings flexibility and worldwide coverage, so onboarding and risk monitoring can be tailored and performed digitally for any type of customer and any product anywhere in the world. PassFort provides the orchestration layer that can be used to map and manage any type of risk and compliance workflow, while integrating Trulioo’s identity verification checks to bring the robust and accurate data needed to satisfy KYC and KYB processes.
“Over the last 12 months, more than 4.3 million compliance journeys were started in the PassFort platform in 197 countries, covering 211 jurisdictions,” said Donald Gillies, Head of PassFort, a Moody’s Analytics company. “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.”
"Upholding trust and safety online is critical, especially in an increasingly borderless world," said Garient Evans, SVP, Identity Solutions at Trulioo. "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."