FrankieOne has signed a technology partnership with identity verification provider Trulioo, adding Trulioo’s KYC, Know Your Business (KYB) and fraud checks to its platform.

FrankieOne customers can now verify businesses, trace their ultimate beneficial owners (UBOs) and monitor ownership changes through their existing integration.

The deal gives FrankieOne users access to Trulioo’s coverage of more than 700 million business entities, according to the companies.

Business and UBO verification is available in more than 100 markets, drawing on government registries, credit bureaus, public records and proprietary sources.

They can sequence checks, introduce fallbacks and add verification steps according to risk, choosing different capabilities for each market, customer type and risk profile.

The companies say the ownership tools can identify who owns and controls a business even where official registries fall short.

After onboarding, customers can keep business records current and receive alerts when a company’s ownership or status changes.

“Our ambition is to connect the financial crime ecosystem so customers can integrate once and access best-of-breed capabilities wherever they operate,”

Costello said adding Trulioo gives customers wider reach, deeper information and more choice, with the flexibility to change their approach without rebuilding their technology.

The companies aimed the partnership at organisations expanding across borders, where business data is fragmented and ownership structures can span several jurisdictions.

They cited AI-enabled fraud as a further challenge for compliance teams verifying new customers.

“A business is a legal entity, but its behavior is defined by the individuals who own and control it,”

Featured image credit: Edited by Fintech News Singapore, based on image by mrsiraphol via Magnific

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