Identity Verification Fuels Nium’s Global Expansion

Payments Company Maintains Compliance in Worldwide Markets

Nium, with eight offices on four continents, has made its mark on the world’s payments industry. But global expansion carries with it the challenge of complying with a broad range of regulatory requirements.

The company, which powers payments for four of the top 10 Southeast Asia banks and has partnered with payment giants such as Ripple and Visa, has built its business around international coverage, affordable rates, quick turnaround time and strong customer experiences.

The backbone of Nium’s global payments infrastructure is its robust compliance program.

As a cross-border payments company, Nium faced the challenge of complying with diverse regulatory requirements across various markets when conducting customer identity verification. Nium chose Trulioo to help it rise to that challenge.

“Each country has different requirements for identity verification and the use of electronic verification,” said Michael Bermingham, Nium co-founder and chief operating officer. “[Trulioo] allows us to meet our regulatory requirements with multiple independent databases in each country.”

A Comprehensive Solution

Nium wanted a solution that could help the company verify clients, screen them to mitigate fraud risk and comply with cross-border regulatory requirements, Bermingham said.

“[Trulioo] enables Nium to verify the identity of its clients and screen them for sanction, watchlist, PEP checks, negative news checks, etc.,” he said. “Some other tools we tried earlier offered either verification or screening. We were looking for a comprehensive, all-in- one system. [Trulioo] has been the ideal and the best available solution for our specific requirement.”

Quick and Smooth Integration

Trulioo makes it a priority to easily integrate into existing systems and workflows.

“The integration process was absolutely smooth,” Bermingham said. “The sandbox environment provided by Trulioo helped us to quickly test and integrate the service to the Nium infrastructure.”

Streamlined Client Onboarding

From the outset, Nium wanted to democratize global payments for all users, whether institutions or individuals. To that end, it offers a quick and convenient onboarding experience.

“Trulioo helped to automate identity and address verification for the U.S. and AU corridors,” Bermingham said, “thus, making the client onboarding process smooth and fast.”

Instant Verification

Trulioo didn’t merely automate Nium’s identity verification process; it offered time savings and efficiencies.

“Verifying clients using [Trulioo] is almost instant,” Bermingham said. “We haven’t faced any delays yet in the service.”

An Engaged Support Team

Trulioo customer support is another value addition.

“Trulioo’s service and its relationship with Nium has always been top-notch,” Bermingham said. “Everyone has always been extremely helpful and great to work with on solutions.”

Built for Growth and Scale

As Nium expands its operations around the world, it plans to lean more heavily on Trulioo for client onboarding.

“We foresee future business opportunities in the UK and Canada, where we will require Trulioo,” Bermingham said. “[Trulioo] has been the ideal and the best available solution for our specific requirement.”

About Nium

Founded in Singapore in 2015, Nium (formerly InstaReM) offers innovative solutions to send, spend and collect money in fast, convenient ways in multiple markets. It provides individual and enterprise users with smooth digital payments and money transfer experience. Operating in Australia, Singapore, the U.S., Canada, Malaysia and Europe, Nium has built a global payment mesh covering more than 50 countries and counting. MassPay, its global business payments platform, offers bulk, customized, multicurrency payments and other features for enterprise clients.