Trulioo — Case Study
The
Challenge
With a waitlist of over 10,000
people, KOHO launched its beta
personal finance product in the
summer of 2016.
By making their entire service mobile, eliminating
“brick-and- mortar” locations and tellers, KOHO
has a vision to eliminate costly fees associated with
everyday banking transactions and use technology to
help consumers simplify the day-to-day management
of their finances. KOHO partners with Peoples Trust,
a federally chartered financial institution who holds
customers’ deposits, Utah-based Galileo Processing
handles transactions, and Visa issues the prepaid
credit cards that function as KOHO customers’
primary bank cards. With over 6,000 watchlists,
access to more than 13,000 verifiable documents, a
no-code workflow for smooth integrations and 24/7
support — all available through a single API — the
complexity of KOHO’s needs was a challenge Trulioo
was able to approach with ease.
As a Canadian financial services company, KOHO is
required to meet the regulatory requirements of the
Financial Transactions and Reports Analysis Centre
of Canada (FINTRAC), Canada’s financial intelligence
unit. “We are operating in a heavily regulated space,
and with the ever-changing regulatory updates on
obligations, it adds an additional layer of complexity
to the business,” said Eberhard. “Compliance is
something that we take very seriously at KOHO, and
we cannot afford to get it wrong; it could make or break
our business.”
As a company that facilitates increasingly larger
volumes of transactions with their customers and
entities across multiple jurisdictions within Canada,
KOHO needed a robust identity verification solution
with bank-grade compliance capabilities with no
room for error. Governed by FINTRAC and having
to meet stringent Know Your Customer (KYC) and
Anti-Money Laundering (AML) regulations meant that
every customer onboarded into the KOHO system
was required to undergo thorough identity screenings
to ensure their customers are who they say they are.
Given that AML is a multi-billion-dollar problem in
Canada, it has become essential for financial services
companies to implement ironclad solutions that
mitigate the risk of financial fraud from entering their
system. Trulioo was able to make this process smooth
and secure through its country and regulation-specific
workflows, ongoing monitoring, real-time analytics and
global data sources.