EQ Bank partners with Trulioo

Following a market assessment, EQ Bank chose Trulioo Identity Document Verification to capture and verify an ID document and selfie when customers open their accounts online. Integrated with artificial intelligence (AI) checks, face comparison, and liveness detection, EQ Bank receives improved fraud defences for mitigating the threats in the current evolving financial landscape. Additionally, EQ Bank is set to use Trulioo Workflow Studio, a no-code, drag-and-drop workflow builder, for flexible Identity Document Verification integrations, with the solution enabling the bank to add verification steps and configure onboarding procedures based on results at each stage. The Workflow Studio also allows EQ Bank to configure a customised list of document types it can accept for verification to comply with Financial Transactions and Reports Analysis Centre of Canada (FINTRACT) regulations. The bank’s customers receive options based on where their documents were issued as Trulioo SDKs can be adapted to predetermined rules.

According to EQ Bank’s officials, the collaboration with Trulioo is set to allow the bank to continue meeting its regulatory requirements while offering customer-centric onboarding experiences with simple verification. Moreover, by joining forces with the company, EQ Bank can leverage its support team and improve its services to its growing customer base by providing security and efficiency. By merging customised onboarding experiences with Trulioo’s knowledge in working with banks and fintechs across the world, EQ Bank can support its development strategy in the evolving industry while maintaining compliance.

Representatives from Trulioo underlined that the partnership with EQ Bank focuses on ensuring that the bank delivers security, compliance, and convenience to its customers. Moreover, the customisable, integrated Trulioo platform aims to minimise onboarding complexities by providing flexible workflows that deliver improved verification. The company is committed to supporting EQ Bank in enhancing Canadian banking and expanding its services.

As an identity platform, Trulioo provides business and person verification across the globe, covering 195 countries and being able to verify more than 13,000 ID documents and 700 million business entities while checking against 6,000 watchlists. With its suite of in-house capabilities, integrated across a single automated platform, the company aims to enable customisable onboarding workflows tailored to meet market requirements.

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