Digital Identity Verification Helps Financial Tech Company Reduce Risk, Maintain Compliance
Streamlined, Digital Onboarding
STACK faced a challenge in its mission to reinvent financial services with a fee-free alternative to traditional banking geared toward millennials: The Toronto-based company needed digital identity verification onboarding but didn’t have the resources to build an internal system.
The STACK app, which launched in 2018, combines advanced machine learning with customizable tools. It’s designed to help millennials reach their financial goals with automated savings, weekly budgeting, and fee-free services while also rewarding them in real-time with offers from merchants where they shop.
But STACK needed digital identity verification to quickly, securely and smoothly onboard members while maintaining compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations.
STACK wanted a partner with experience helping financial services companies verify customers, mitigate risk, and comply with AML, KYC and Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) regulations. The company also wanted a reliable identity verification system that would easily integrate into its app and create a superior onboarding experience.
After evaluating identity verification providers and the major credit bureaus, STACK chose the one-stop identity verification solution for financial institutions from Trulioo. That decision was further reinforced by other financial institutions referring Trulioo to STACK.
AML, KYC and FINTRAC Compliance
STACK leverages Trulioo during member onboarding to verify identities and meet AML, KYC and FINTRAC requirements.
After a one-time integration, Trulioo helps accurately identify members. Trulioo provides access to more than 450 global data sources, enabling companies to verify more than 5 billion consumers in 195 countries through a single API. The Trulioo platform also provides a comprehensive view of how customers are verified and enables STACK to see the reports it needs to ensure it’s meeting regulatory requirements.
In less than a year of working with Trulioo, we have completed more than 750,000 transactions across 105 countries and totaling almost $30 million of volume.
With Trulioo, STACK can quickly onboard members while simultaneously improving the experience.
“In less than a year of working with Trulioo, we have completed more than 750,000 transactions across 105 countries and totaling almost $30 million of volume,” a STACK executive said. “With increased speed and convenience to onboard, the STACK app now boasts a 4.3 rating and is accessed 2.7 times daily, demonstrating strong engagement and growing demand for a new type of personal finance platform.”
STACK is a financial technology company that provides members an alternative way to spend, save and share money. It also offers a reloadable prepaid Mastercard that acts like a debit card for cash purchases and provides a fee-free spending account with the rewards of a credit card. Other features such as automated savings, instant rewards and social sharing provide a lifestyle- focused approach to financial services.