Cybersecurity has established itself as a high precedence for digital banking companies. The necessity for correct identification of paperwork and selfie verification when opening an account on-line is paramount. As such, EQ Financial institution, the digital platform of Canada’s Challenger Financial institution has partnered with Trulioo, the identification platform to streamline buyer and enterprise onboarding.

After an intensive market evaluation, EQ Financial institution chosen Trulioo identification doc verification to seize and confirm an ID doc and selfie when clients open accounts on-line – a essential train for a seamless digital banking expertise. With superior AI checks, face comparability and liveness detection, EQ Financial institution advantages from fraud defenses in an evolving risk panorama.

EQ Financial institution leveraged Trulioo Workflow Studio – a no-code, drag-and-drop workflow builder – for quick, versatile identification doc verification integration. Workflow Studio permits the financial institution to simply add verification steps and configure onboarding processes primarily based on outcomes at every stage.

Workflow Studio additionally allowed EQ Financial institution to rapidly configure a customized listing of doc varieties it might settle for for verification to adjust to monetary transactions and studies evaluation centre of Canada (FINTRAC) laws. Trulioo SDKs then tailored to these predetermined guidelines and gave EQ Financial institution clients choices primarily based on the place their paperwork had been issued.

“Partnering with Trulioo permits us to proceed assembly our regulatory necessities whereas offering tailor-made, best-in-class buyer onboarding experiences with the least friction and the best probability of verification,” stated Mahima Poddar, EQ Financial institution SVP and group head of non-public banking.

“As many Canadians flip to EQ Financial institution for his or her on a regular basis banking wants, collaborating with Trulioo and its always-available assist group permits us to higher serve our quickly rising buyer base with the pace, safety and expertise they deserve.”

Staying forward of the competitors 

Customised onboarding experiences, mixed with Trulioo experience working with main banks and fintechs throughout the globe, present a key benefit for EQ Financial institution to remain forward of evolving business greatest practices.

“EQ Financial institution is on the forefront of the digital banking expertise, and our partnership ensures it continues to ship the safety, compliance and comfort clients count on,” stated Steve Munford, Trulioo CEO. “The customisable, built-in Trulioo platform reduces onboarding friction with versatile workflows that ship the best verification assurance. We stay up for our ongoing collaboration as EQ Financial institution drives change in Canadian banking.”