Canadian challenger EQ Bank has partnered with identity platform Trulioo to streamline customer and business onboarding.
EQ Bank has chosen several of Trulioo’s solutions, including ‘Identity Document Verification’, ‘Workflow Studio’ and ‘Business Verification’.
Trulioo’s identity document verification tool captures and verifies an ID document and selfie when customers open an account online, using advanced AI checks, face comparison and “liveness” detection.
With Trulioo’s ‘Workflow Studio’, described as “a no-code, drag-and-drop workflow builder”, EQ Bank is able to add verification steps and configure onboarding processes based on results at each stage.
EQ Bank’s Mahima Poddar
It also allows the bank to quickly configure a customised list of document types it would accept for verification to comply with Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) regulations.
Trulioo SDKs then adapt to those predetermined rules, giving customers of EQ Bank options, based on where their documents were issued.
“Partnering with Trulioo allows us to continue meeting our regulatory requirements while providing tailored, best-in-class customer onboarding experiences with the least friction and the highest chance of verification,” said Mahima Poddar, EQ Bank’s senior vice president and group head of personal banking.
“As many Canadians turn to EQ Bank for their everyday banking needs, collaborating with Trulioo and its always-available support team enables us to better serve our rapidly growing customer base with the speed, security and experience they deserve.”
“EQ Bank is at the forefront of the digital banking experience, and our partnership ensures it continues to deliver the security, compliance and convenience customers expect,” added Steve Munford, chief executive officer of Trulioo.
EQ Bank is a platinum partner of Open Banking Expo Canada, which takes place on June 11 in Toronto – find out more and get your tickets here.
