Collabria Financial Partners with Trulioo on Digital Identity Verification for Credit Unions

Collabria Financial Services, a major Canadian credit card issuer serving credit unions, has implemented digital identity verification technology through a new partnership with Trulioo. The integration aims to enhance the security and efficiency of cardholder onboarding processes.

The partnership leverages Trulioo’s identity verification platform, which operates across 195 countries and provides automated Know Your Client (KYC) and Know Your Business (KYB) verification tools. This expansion continues as Trulioo recently extended its GlobalGateway coverage to new territories including Greece and Israel, demonstrating the platform’s growing international reach. Collabria will use the technology to fully automate its KYB reviews while maintaining existing KYC protocols.

“The partnership with Trulioo marks a pivotal step forward in enhancing our security measures, while delivering a more streamlined, customer-centric process,” said Jean-Marc Handfield, Chief Executive Officer of Collabria.

The Trulioo platform incorporates predictive risk signals and compliance checks against global watchlists to meet regulatory requirements and combat fraud. Steve Munford, Trulioo CEO, explained, “By combining our intelligent technology with Collabria’s expertise, we’re confident in our ability to enhance their verification processes, improve onboarding outcomes, and open windows of possibilities for their partners and members.”

Founded in 2015, Collabria currently serves over 550,000 cardholders through its credit union partners across Canada. The company indicates that this technology integration aligns with its strategic focus on delivering secure and efficient financial solutions to the credit union sector.

The implementation reflects an industry-wide movement toward digital identity verification solutions, as financial institutions respond to increased digital engagement and evolving regulatory requirements. This trend reflects broader developments in the financial sector, where major institutions are increasingly adopting AI-driven solutions for payment and identity verification to address evolving fraud challenges.

–

November 19, 2024 – by Ji-seo Kim