Canada’s EQ Bank has partnered with Trulioo to enhance its identity verification process and streamline customer and business onboarding.
In a statement, Trulioo said it will focus specifically on three key areas: Identity Document Verification, Workflow Studio and Business Verification.
EQ Bank is the digital platform of Canada’s Challenger Bank. With Identity Document Verification, the bank can capture and verify an ID document and selfie when customers open accounts online. It can also leverage AI checks, face comparison and liveness detection for increased security and fraud detection.
Workflow Studio, meanhwile, allows the bank to easily add verification steps and configure onboarding processes based on results at each stage. For instance, it allowed EQ Bank to configure a customised list of document types it would accept for verification to comply with Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) regulations. Trulioo SDKs then adapted to those predetermined rules and gave EQ Bank customers options based on where their documents were issued.
“Partnering with Trulioo allows us to continue meeting our regulatory requirements while providing tailored, best-in-class customer onboarding experiences with the least friction and the highest chance of verification,” said Mahima Poddar, EQ Bank SVP and group head of personal banking.
Steve Munford, Trulioo CEO, added: “EQ Bank is at the forefront of the digital banking experience, and our partnership ensures it continues to deliver the security, compliance and convenience customers expect. The customizable, integrated Trulioo platform reduces onboarding friction with flexible workflows that deliver the highest verification assurance. We look forward to our ongoing collaboration as EQ Bank drives change in Canadian banking.”
