Trulioo, a leading global identity verification platform, today released new capabilities that cement its position as the premier source for automated business and person verification workflows. The latest update bolsters Trulioo global leadership by expanding geographic coverage and localization for person verification and further automating business verification processes to reduce costly manual reviews. 

With the ever-increasing complexity of financial crimes and anti-money laundering regulations, onboarding business customers often takes longer and costs more. Trulioo provides a fully end-to-end Know Your Business (KYB) solution that automates traditionally manual verification processes to confirm the entity is legitimate and suitable to do business with, thereby reducing onboarding time from days or weeks to minutes.

To further streamline the KYB process, the Trulioo global identity platform can perform Know Your Customer (KYC) checks on a business’s ultimate beneficial owners in the same workflow. Trulioo offers unmatched breadth for person verification with more than 500 integrated personally identifiable information data sources, 12,000-plus identity document types and more than 6,000 watchlists with recently expanded geographic coverage and localization support for global use cases. The result of that layered approach to business and person verification is greater reassurance and faster onboarding at a lower cost per good verified customer.

“With Trulioo, we can do both KYB and identity document-based KYC checks with one solution, turning a previously cumbersome onboarding process into one that is quick and easy,” said Philippe Panneton, Nuvei's senior vice president, Global Risk & Underwriting. “This has enabled us to remain compliant across multiple continents and provide payments solutions that accelerate our customers’ businesses.” 

Trulioo Chief Product Officer Michael Ramsbacker added: “Trulioo is the global leader in uniting KYB and KYC in one integrated identity platform for organizations that need to operate across different countries and languages. As evidenced by our latest features, we are dedicated to delivering the industry’s most complete verification workflows that are customized for a wide array of business needs to help companies navigate the complexities of today’s global digital economy.”  

As businesses continue to embrace digital communities and transactions, comprehensive verification is vital to combating fraud. That has led to a $48.1 billion total addressable market for integrated identity platforms in 2023, with estimates that it could reach $115.9 billion by 2027, according to recent research from Liminal.

Trulioo will be unveiling additional details about its platform enhancements on stage at Money20/20 Europe in Amsterdam on June 8, 2023.

IDnow, a leading identity-proofing platform provider in Europe, announces the expansion of its platform to include fully automated document liveness capabilities, data checks and Financial Risk Checks as well as new fraud prevention features. The platform expansion will also include a central, no-code workflow management tool.

Document liveness checks to combat the most sophisticated fraud attempts

The automated document liveness check relies on IDnow’s expertise in video analysis and requires the end user to record a video of their ID document, thus enabling an automated check on the visible security elements of the document, such as holograms. This feature helps companies in their fight against the rising risk of fraud through forged documents.

Fully automated KYC and AML services with data checks

IDnow’s new fully automated Know Your Customer (KYC) and Anti-Money-Laundering (AML) services, the latter of which screen against multiple global Politically Exposed Persons (PEP) and Sanction lists, ensure real-time AML compliance at the onboarding stage while allowing ongoing monitoring to confirm compliance post-onboarding.​ Fintechs, crypto providers and more traditional financial service providers can benefit from a complete alert management functionality and audit history with tailored alert matching.

The new data checks enable a frictionless KYC process which takes just a few seconds, particularly for use cases regulated by the UK’s Financial Conduct Authority (FCA) or by the UK Gaming Commission (UKGC). However, they also add an additional layer of security to protect businesses around less regulated use cases, for example, in the mobility industry.

Additionally, the latest platform expansion also includes Financial Risk Checks that use public third-party and self-declared data. These provide gambling companies with insight into affordability indicators which protect online gamblers and comply with the latest updates to the UK Gambling Act, helping businesses to avoid potential fines and reputational damage. The public and third-party data allows for ongoing monitoring of changes in player circumstances and verification of reported income without the need for additional documentation.

A single platform to access data sources and orchestrate KYC workflows in real-time

These new data check capabilities are added to IDnow’s single platform, thus allowing customers to orchestrate both data checks and document- and biometric-based identity-proofing workflows. Data checks are required by the responsible regulatory bodies, document and biometric checks can be added for other sensitive use cases for an extra layer of security.

The AML services and real-time data checks are easily configurable via the online self-service orchestration portal which offers complete control to IDnow’s customers. It lets them tailor and optimise data checks and document-based identity verification in one intuitive dashboard via drag-and-drop functionality, thus providing a single entry point for all the new integrated services.

Proprietary fraud prevention technology and a high level of compliance

To detect single and serial fraud attempts, IDnow's platform uses proprietary fraud prevention technology that collects risk signals from biometrics, documents, devices and other data sources. In addition, IDnow regularly collaborates with law enforcement agencies, providing the company's dedicated fraud team with the latest knowledge of fraud techniques and methods from around the world.

Bertrand Bouteloup, Chief Commercial Officer at IDnow, said: “With the help of our AI-powered engine, which employs the latest fraud prevention capabilities, we can combat the most advanced fraudsters and allow our crypto, fintech and financial customers to grow their businesses with confidence and be a strong partner for large financial institutions at the same time. Our document liveness feature is clearly a game changer in this market.”

“We are pleased to be able to enhance our platform offering, specifically in the UK, to help our customers fight fraud, achieve compliance and build trust across Europe and beyond. Thanks to these new functionalities and our strong regulatory expertise, our customers can easily expand their services and rely on a platform that achieves compliance according to the most rigid regulatory requirements within the UK, the EU and beyond.”

Today, Mastercard is announcing its latest open banking innovations in Europe – Account Owner Verification, a new solution that enables a frictionless experience aimed to instantly verify people are who they say they are. To further fuel the ambitions of Mastercard’s vision in delivering intelligent open banking data services, it is entering a new partnership with France-based open banking credit decisioning specialist, Algoan, which builds upon Mastercard's strength in enabling smarter lending decisions through open banking in the U.S. and accelerates inclusion through advancements in credit decisioning.

These new innovations support Mastercard’s commitment to embrace new networks and expand its open banking capabilities, which allow people to safely share their financial data to access innovative payment experiences – expanding choice, delivering secure and frictionless lending, and bringing the promise of a digital economy to more people. 

Secure digital onboarding
In an increasingly digital world, bank account verification is more important than ever before. The launch of Mastercard’s account owner verification service automates, strengthens, and simplifies how businesses across markets and industries can verify customer bank account ownership.

“With account owner verification, we initiate an important step in Europe towards helping our customers across the ecosystem save time and money through a fast, secure and reliable account verification process. This open banking product innovation gives consumers the power to use their data in new and secure ways to transact through a seamless experience,” says Jess Turner, EVP, Global Open Banking and API.

Mastercard envisions this solution to have wide impact across industries helping to solve pain points in account opening when adding payment credentials and direct debit origination for players such as digital wallets providers, PSPs, wealth management apps, property technology platforms, insurance companies, e-commerce players and more. The solution enables instant verification of bank account ownership based on Mastercard’s European open banking connectivity. The verification process also provides businesses with a match score that denotes the strength of a match between the name submitted for verification and the name held on file by the end user's financial institution.

Partnering with European leader in credit scoring  
In addition to this new product innovation, Mastercard has initiated a new partnership with France-based open banking credit decisioning specialist, Algoan, to help accelerate financial inclusion across new European markets, starting in the Western European region.

“Open Banking data is a powerful tool to deliver better, faster, and more inclusive credit decisioning. We continue to focus on increasing our growing list of partners to deliver local market knowledge and feature rich tools that further accelerate Open Banking adoption. We are pleased to announce our strategic partnership with Algoan to support our ambitions across Europe,” says Bart Willaert, EVP Open Banking International Markets at Mastercard.

Algoan offers a full suite of credit decisioning tools using open banking to support leading lenders. As part of the partnership, they will use Mastercard Open Banking connectivity to empower their Credit Insights, Credit Score and Payment Score products, alongside categorization feature.

 “Partnering with Mastercard is a great testimony to the journey we’ve been on for the past five years. We’re excited that our ambition of making credit more accessible and more responsible is shared by Mastercard and this truly marks the beginning of a great collaboration which will further accelerate our growth across Europe and beyond”, says Michael Diguet, CEO and Co-Founder of Algoan.

On 6-8 June, the largest European fintech industry event “Money 20/20 Europe 2023” is taking place in Amsterdam, the Netherlands. The conference, which attracted over 7,500 participants from all over Europe, focuses on financial sustainability, financial market strengthening, and new regulatory challenges.

Lithuania is represented by “Invest Lithuania”, the largest community of fintech companies “ROCKIT”, startup “Ondato”, digital bank “EMBank”, and others. This year, the country's delegation consists of more than 50 companies and organisations, which can be seen at Lithuania's prominent stand.

Highlighting Lithuania’s attractiveness

As Vaiva Amulė, Head of “Fintech Hub LT”, states, Lithuania has emerged as a prominent destination for fintech innovation, attracting a diverse range of fintech companies from around the world.

“Our collaborative ecosystem fosters a spirit of knowledge-sharing, cooperation, and growth, resulting in remarkable achievements for the Lithuanian fintech sector. Over 50 companies from Lithuania will participate in the event, aiming to discover new partners, investors, and clients, while also staying updated and reconnecting with old friends and partners. Through our participation, “Fintech Hub LT” aims to showcase Lithuania's dynamic fintech landscape and solidify our position as a leading fintech hub in Europe,” says Vaiva Amulė.

Lithuania is famous for its achievements in the field of anti-money laundering (AML) and countering the financing of terrorism (CTF), advanced digital technology industry and compliance ecosystem in the country, as well as national regulatory experience in the field of financial sector.

The capital Vilnius has been recognized as the largest Fintech HUB in Europe for several years in a row in terms of the number of licensed companies in EU and more than 7,000 professionals working in AML/CFT field, and the next step is to become the home of the new EU's Anti-Money Laundering Authority (AMLA) too.

Dream home for fintech companies

Lukas Jakubonis, Chief Business Development Officer at the Bank of Lithuania, also cites Lithuania’s attractiveness: “With an excess of services available for outsourcing, you will find everything you need right at your fingertips. Plus, the regulatory process is hassle-free and easily manageable. So, if you have been dreaming of building your own fintech venture or scaling it in Europe, Lithuania is the perfect place to make it happen.”

According to Liudas Kanapienis, co-founder and CEO of the remote customer authentication technology company “Ondato”, Lithuania’s reputation as a European fintech hub is gaining traction in global markets. More and more fintech companies from Lithuania are expanding abroad, raising the profile of the country's market.

“In general, the fintech market itself is becoming more mature and the technological solutions used and developed are becoming more and more advanced, both in traditional finance and cryptocurrencies. As a result, players in the market are getting much more attention from bigger brands and are more favourably viewed by foreign markets.

Of course, the current macroeconomic situation must also be understood: the war in Europe, the slowdown in investment in start-ups, and the fintech sector are also encouraging the sector to be more cautious and to plan its development wisely. Although, we have seen and will see less investment this year, the Lithuanian fintech sector will continue to strengthen its competitiveness, and one of the main reasons for this is the ecosystem's hunger for innovation and the ability to adapt it quickly,” says L. Kanapienis.

Lina Žemaitytė-Kirkman, CEO of “ROCKIT”, a network of fintech companies in Lithuania, reassures: “We are helping to grow Lithuania's startup and innovation system by finding new partners, investors, and sustainable and green finance partners. This is important for us - especially at a time of a global turmoil.”

Facctum announces today the release of a new payments screening technology, FacctShield™, to coincide with its début at Money 20/20 Europe, the continent’s largest event focused on payments innovation. As the global payments community gathers in Amsterdam to discuss the future of money, Facctum shows a new approach to deploying cutting-edge technology to address the challenges of financial crime risk.  

Achieving efficient and effective financial crime compliance (FCC) in payments has become more challenging as sanctions, terrorism-financing and money laundering risks evolve, and regulatory velocity increases. At the same time, payment technology, customer expectations and industry standards continue to change rapidly. However, keeping risk detection technology relevant to financial crime risks whilst also improving operational performance and reducing customer friction, has become more difficult, especially if using traditional technology. 

In response to these challenges, FacctShield combines Facctum parallel processing technology with its cloud-native risk detection technology. This approach delivers low-latency payment screening and infinite scalability that is ready for true real-time risk detection. The pairing of these technologies also provides payments industry operators with the compliance and operational agility to respond quickly and effectively to high-frequency, high-impact regulatory obligations. FacctShield uses patented risk-matching technology that gives industry high levels of efficiency, resulting in strong detection performance, while minimising missed payment cut-offs and customer friction.  

Beyond the innovations in its core technology stack, FacctShield introduces new features designed for the specialised operational needs of the payments industry. From design, the solution offers ISO 20022 support to enable customers to migrate seamlessly to the latest standard in payments infrastructure. This approach gives FacctShield the ability to provide screening strategies that leverage all the data and meta-data supported by ISO 20022. The solution also supports SWIFT MT and MX payments formats, to assist the migration to the new standard. FacctShield also enables customers to set selective search configurations for more precise risk detection. 

KK Gupta, CEO of Facctum, comments:  

“Real-time payments have been a boon for customers, enabling a new speed for transactions that allows for greater control over their payments. However, for those managing financial crime compliance, it has posed a challenge, forcing ageing compliance technologies to try to keep up. Often traditional technologies have struggled to strike the balance between compliance efficiency and customer satisfaction. With payments moving faster than ever, it’s time to bring compliance technology into a new era, moving risk detection into real-time.  

“We created FacctShield to bring a new speed to payments screening technologies. This solution can not only leverage new technology to enable a more efficient process, but it is also built with ISO 20022 in mind, adding even more speed to compliance when screening. The world of payments is changing, and with FacctShield, you’ll be able to keep up.”  

FacctShield is available as a stand-alone cloud solution, for real-time or batch screening, supported by open standard APIs. It is fully operative with Facctum FCC applications, including FacctList watchlist management. 

CapitalBox, the leading fintech lender for small- and medium-sized enterprises in Europe, is announcing that Anne Trampedach has been appointed as the company's new Country Manager for Denmark. Trampedach joined CapitalBox in 2016 as a Loan Officer following a nearly decade-long tenure in SME sales, private banking, and personalized wealth management. 

As part of Multitude Group, CapitalBox is the tech-centric lending partner for thousands of financially underserved SMEs across the European Union. With offices in Sweden, Finland, the Netherlands, Lithuania, and Denmark, CapitalBox has both a proven track record and a growing reputation across Northern Europe and Scandinavia. CapitalBox’s pure fintech approach to lending enables it to provide SMEs with access to capital quickly, which businesses can manage using its fully digital suite of lending management tools. 

Trampedach’s extensive experience in wealth management and investment banking within and beyond Denmark makes her a natural fit to oversee CapitalBox’s continued success in the country. From 2016, she worked as Loan Officer, continually demonstrating her commitment to CapitalBox’s mission and her ability to anticipate, adapt to, and meet the needs of its diverse clientele.

Given her expertise regarding the intricacies and regulatory complexities of the Danish financial sector, Trampedach is extremely well-suited to manage all CapitalBox operations and activities within the Danish market. As Country Manager, she will spearhead business development, facilitate customer base growth and strategic partnerships, ensure regulatory compliance, and optimize CapitalBox’s top-to-bottom market performance. She will both develop the Denmark-based team and work closely with fellow country managers to coordinate larger, multinational growth efforts.

“I’m thrilled to take on this leadership role and help steer the sustainable success of CapitalBox in Denmark,” said Trampedach. “It’s an opportunity to not only make a positive impact on the financial landscape of the country, but to foster a culture of innovation, collaboration, and customer-mindedness within this institution. Under my leadership, CapitalBox’s Danish team will leverage our cutting-edge technology to streamline processes without losing sight of the importance of personalized service.”

PayPoint has announced the rollout of PayPoint Engage, a new proposition that allows FMCG brands to partner with a network of 40,000 convenience stores, to boost product sales and drive additional footfall and spend for retailers.

PayPoint Engage offers FMCG brands the ability to drive consumer spend, create digital interactions, push new product development and increase sales and distribution. PayPoint’s unique digital vouchers can be delivered in seconds via SMS or email, giving consumers a frictionless and simple means of engaging with brands and products in 40,000 convenience stores across the country.

Initially trialed late last year to help retailers increase footfall in the face of the cost-of-living crisis, PayPoint Engage has already partnered with market leading names, including the world’s largest drinks and snack brands.

Anthony Sappor, Retail Proposition & Partnerships Director at PayPoint, said: “We’re excited about all the possibilities PayPoint Engage brings. Given the pressure on household incomes, the ability of our platform to deliver value to consumers in the convenience sector is hugely beneficial for all parties.

“Brands and suppliers now have access to a solution that is simple, measurable, creative and covers the sector. Meanwhile, our retailer partners are given additional tools and campaigns to engage and incentivise consumers.”

Lifetime Mortgage Specialists Pure Retirement have joined finova Payment and Mortgage Services panel of over 80 lenders. 

This partnership offers finova’s 450+ advisers access to Pure Retirement’s suite of lifetime mortgage products, which include features such as a flexible pricing structure with a 21-day post-KFI rate guarantee. Additionally, the lender offers downsizing protection, drawdown facilities, the provision to make payments via Direct Debit, and customer access to their ‘MyPure’ online account management platform. 

Members of finova Payment and Mortgage Services will benefit from Pure Retirement’s loan-to-values of up to 50%, as well as broad lending criteria accommodating CCJs, DMPs, IVAs, and bankruptcy (restrictions apply) and unique property characteristics such as thatched or 100% flat roofs, or grade 2 listings. 

Advisers will also be able to take advantage of the lifetime mortgage lender’s Intermediary Sales division, with regional telephone and field-based BDMs on hand to offer case support to help advisers deliver the best outcomes for their clients. 

Pure Retirement joins finova’s lender panel, which offers both standard mortgage products and specialist lending solutions, including residential, buy-to-let, second charge, commercial and development, and equity release. 

Commenting on the partnership, Scott Burman, Head of Distribution, said “Pure Retirement recognises the importance of supporting clubs and networks, and the role they play in helping advisers to deliver best outcomes to consumers.” 

“finova have a proven track record in delivering innovation to the financial services space, and we’re proud to be joining their panel, ensuring that their members have access to all the tools and information to help their later life clients in achieving their financial goals.” 

finova’s Head of Payment and Mortgage Services, Melanie Spencer comments: “Our mortgage panel continues to go from strength to strength, and the addition of Pure Retirement greatly expands the number of Equity Release products members can access through finova.” 

“We are delighted to be partnering with Pure Retirement, whose dedication to the consumer with their post-completion care, their broad and extensive lending criteria will be a great benefit to our members.”  

Jeremy Nicholds, CEO, Judopay said: “We’re extremely proud and excited to be able to offer this solution to our clients, following the acquisition by Fabrick. We’ve put a lot of hard work over the last decade into growing the business and I’m excited to see what this added capability can do for our clients.”

 

He added: “Many industries and sectors have long been dominated by the same major “legacy tech” incumbents. However, this solution will give merchants more technical and financial control over their payments.”

HeavyFinance, a European climate tech investment marketplace, has partnered with automated soil carbon measurement company, Agricarbon, for a European climate project to measure carbon impact.

The strategic partnership, centred on the launch of a 20,000ha project in Lithuania, will see the companies align on a shared vision of making the transition to sustainable farming practices and the measurement of changes in soil carbon stock.

The deal forms part of HeavyFinance’s progress of removing one gigaton of carbon dioxide from the atmosphere by 2050. Both companies believe that cost-effectiveness, along with data accuracy, is key to unlocking participation in the soil carbon offset market.

The companies will work together to test new stratification methodologies and remove previous barriers to direct measurement of thousands of hectares, all under a major international protocol for offsets.

Laimonas Noreika, Founder of HeavyFinance comments: “By combining the innovative financing models from HeavyFinance, including Green Loans, with Agricarbon's innovative soil carbon measurement technology, we can begin to champion the transition to regenerative farming, achieving greater ROI for investors and making best practices more accessible to farmers. Collaboration is key to driving climate progress through the carbon credits market and we are excited to be working with Agricarbon to promote greater sustainability.”

Stewart Arbuckle, Co-founder & Chief Technology Officer of Agricarbon comments: “We are excited to be working with HeavyFinance as their innovative business model and understanding of and ability to deploy a direct measurement project will be extremely helpful across thousands of hectares, feeding into the ever-important sustainability agenda and promoting better financial opportunities for farmers everywhere.”

The companies plan to scale the project across wider European companies over the next 12 months, increasing accessibility for farmers and investors in key markets.

The news comes following the launch of Green Loans by HeavyFinance, a debt instrument that enables retail and institutional investors to get returns on the sale of CO2 removal credits generated from European farmland.