Global Fintech Company Match Rates Climb by 18% With Trulioo

Partnership Fuels Robust Regulatory Compliance for Global Fintech

Fast, fortified identity verification is the cornerstone of Plus500’s effort to streamline customer onboarding while maintaining regulatory compliance across diverse markets.

Like many online trading platforms conducting business in the European Union, Plus500 adheres to the Cyprus Securities and Exchange Commission mandate that organizations validate customers’ personally identifiable information against at least two independent data sources. That requirement, among others, places the global fintech company under constant regulatory scrutiny.

Plus500 needed a global identity verification partner that could navigate that complex regulatory landscape and ensure efficient onboarding. The company also sought a partner that could blend deep market expertise with advanced data science to tailor verification workflows for any onboarding scenario.

That led Plus500 to Trulioo for optimized onboarding, regulatory compliance and elevated verification match rates in key markets worldwide.

Cutting-Edge Data Science Elevates Match Rates

Before partnering with Trulioo, Plus500 conducted a thorough evaluation of several other identity verification providers. The company wanted a partner that could meet its expectations for market expertise, technology and global data availability.

“Trulioo demonstrated the most innovation among the companies I reviewed, particularly in terms of its offerings, the breadth of available information and platform accessibility,” said Dani Magner, Plus500’s chief growth officer. “After rigorous proof-of-concept trials and testing periods, we concluded that Trulioo delivers the best results.”

Plus500 entrusted Trulioo to enhance its identity verification process with the platform’s state-of-the-art Person Match capability and the no-code Workflow Studio. Those tools played a pivotal role in refining Plus500’s customer onboarding.

Trulioo applied advanced data sequencing and tapped into local and global data sources to streamline verification and significantly increase match rates in critical markets.

That effort led to:

• An 18% overall increase in identity match rates

• The expansion of Trulioo Person Match into six additional markets

18% Verification Rate Increase

Plus500 aimed to deliver fast, compliant onboarding across multiple markets, each with unique requirements, regulations and data availability.

To meet those goals, Trulioo conducted meticulous analyses to tailor the optimal combination of data sources and inputs for Plus500’s business needs. The Trulioo data science team then tested data sequences to strike the perfect balance among cost, performance and coverage.

That approach allowed Trulioo to efficiently verify Plus500’s initial tier of customers at minimal cost and apply additional data sources only as customer needs evolved.

Unlike other vendors that merely test different data combinations, Trulioo excels by optimizing the sequence in which data sources are accessed to ensure a low-friction user experience. The Trulioo platform is also agile enough to adapt to data changes without requiring Plus500 to modify its tech stack.

That combination of data precision, market expertise and workflow customization helped Plus500 achieve faster, compliant customer onboarding and bolster verification rates by 18% across multiple markets.

Plus500 is a global multi-asset fintech group operating proprietary technology-based trading platforms. Plus500 has offered customers around the world a range of trading products for years, including Contracts for Difference (“CFDs”) and share dealing. With its strong background in making the world of trading accessible to retail and professional customers alike, Plus500 has a premium listing on the Main Market of the London Stock Exchange (symbol: PLUS) and is a constituent of the FTSE 250 index.