Identity platform Trulioo announced today partnership with an organization that Forbes recently named the best online bank in Canada (and not for the first time).
The “rapidly growing” Equitable Bank has selected Vancouver’s Trulioo for its Trulioo Identity Document Verification offering and other products that help streamline customer and business onboarding, according to a statement released by the firms.
“Partnering with Trulioo allows us to continue meeting our regulatory requirements,” says Mahima Poddar, Senior Vice President at EQ Bank and group head of personal banking, “while providing tailored, best-in-class customer onboarding experiences with the least friction and the highest chance of verification.”
After a thorough market assessment, Canada’s Challenger Bank selected Trulioo tech to capture and verify an ID document and selfie when customers open accounts online.
Utilizing artificial intelligence technology, face comparison, and liveness detection, EQ Bank is slated to benefit from Trulioo’s cutting-edge fraud defence amid what the companies describe as “an evolving threat landscape.”
“As many Canadians turn to EQ Bank for their everyday banking needs, collaborating with Trulioo and its always-available support team enables us to better serve our rapidly growing customer base with the speed, security, and experience they deserve,” said Poddar.
For example, Workflow Studio allowed EQ Bank to configure a customized list of document types it would accept for verification to comply with Financial Transactions and Reports Analysis Centre of Canada regulations.
Trulioo SDKs then adapted to those predetermined rules and gave EQ Bank customers options based on where their documents were issued.
“EQ Bank is at the forefront of the digital banking experience,” stated Trulioo CEO Steve Munford, “and our partnership ensures it continues to deliver the security, compliance, and convenience customers expect.”
Customized onboarding experiences, combined with Trulioo expertise, provide a key advantage for EQ Bank to stay ahead of evolving industry best practices, according to Munford.
“The customizable, integrated Trulioo platform reduces onboarding friction with flexible workflows that deliver the highest verification assurance,” he says. “We look forward to our ongoing collaboration as EQ Bank drives change in Canadian banking.”
EQ Bank, founded over 50 years ago and trading today on the Toronto Stock Exchange, manages more than $11 billion in combined assets. The digital bank’s customer base has grown from 250,000 in 2022 to more than 500,000 today.
Other major financial institutions leveraging Trulioo technology include J.P. Morgan and Public, a US-based fintech platform for stocks, crypto, and other alternative assets.
Offering global coverage, Trulioo operates in 195 countries and can verify 12,000 ID documents and 700 million business entities while checking against more than 6,000 watchlists.
Trulioo was founded in 2011.
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