Identity platform, Trulioo, has partnered with Mastercard to streamline digital onboarding. Specifically, Trulioo will leverage Mastercard’s Identity solutions to power its Person Match and Risk Intelligence products. The result is the provision of additional identity insights and risk scores through a customisable, intuitive dashboard.
This will diversify Trulioo’s suite beyond API-based products and enhance their customers’ onboarding processes.
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The collaboration also augments Mastercard’s Onboard Risk Check product with the inclusion of the Trulioo global business identity verification services. The partnership adds a layer of assurance to both companies’ merchant and consumer onboarding solutions, helping to mitigate risk, reduce fraud, and increase trust in global payments. Cumulative merchant losses to online fraud worldwide between 2023 and 2027 are estimated to exceed $343bn.
“The digital economy thrives when people trust it and trust each other,” said Dennis Gamiello, Mastercard executive vice president, Identity Products, and Innovation. “The ability to verify people are who they say they are instils confidence on both sides of digital interactions. Together with Trulioo, we are fueling the connections that make a vibrant digital economy possible.”
Steve Munford, Trulioo CEO, added: “Trulioo is proud to partner with Mastercard and shares its dedication to industry-leading business verification and fraud prevention. As organisations navigate the complexities of the digital payments industry, fraud and business identity theft are constant threats. This is a pivotal milestone in our joint endeavour that will pave the way for a more secure global digital landscape.”
Trulioo covers 195 countries and can verify more than 13,000 ID documents and 700 million business entities while checking against more than 6,000 watchlists.
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