Refinitiv has introduced Qual-ID, a new solution designed to help the financial institutions tackle identity frauds and financial crimes.
The new offering is developed in collaboration with Trulioo under a partnership announced earlier this year.
Qual-ID combines Trulioo’s digital identity network and Refinitiv’s World-Check Risk Intelligence in a point of access.
Financial institutions can use the solution to comply with the Know-Your-Customer (KYC) and anti-money laundering (AML) regulations. It allows clients to authenticate the identities against trusted data sources and carry out anti-impersonation checks.
Qual-ID also verifies identities against regulatory and financial risk including sanctions, PEPs and adverse media.
Refinitiv managing director of the risk business Phil Cotter said: “Financial services are in the midst of a digital identity revolution, which is being driven by a host of inter-connected factors such as regulations mandating enhanced privacy and consumers who demand more choice and flexibility.
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“Refinitiv Qual-ID was built to solve these challenges, backed by established, proven technology and reliable data from two leading organisations.
“Qual-ID enables financial services providers to reap the benefits of the digital identity revolution through a global solution that facilitates trusted transactions regardless of location.”
Refinitiv focuses on providing financial markets data and infrastructure. It is said to serve more than 40,000 institutions across 190 countries.
In June, the company partnered with Napier to combat financial crimes. The two entities will offer a transaction monitoring solution that will help financial institutions to tackle frauds.