• Case Study
Digital Identity Verification
Helps Financial Tech
Company Reduce Risk,
Maintain Compliance
STACK
Streamlines
Customer
Onboarding
Trulioo — Case Study
The
Challenge
450
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.
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.
Trulioo — Case Study
The
Solution
• STACK Executive
“
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.”
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.
Precision
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.
The world’s
identity
platform.
Contact Us
Trulioo is a registered trademark of Trulioo Information Services Inc. in the United States, the European Union,
Canada and other countries.
Trulioo is the world’s identity platform, trusted
by leading companies for their verification
needs. The Trulioo integrated, automated
platform provides unparalleled global coverage
for business and person verification and a
comprehensive suite of in-house capabilities.
Combining its state-of-the-art technology with expert verification
knowledge across diverse markets, Trulioo enables the highest
verification assurance levels, optimizing onboarding costs and
fostering trust and security in the global digital economy.
Speed
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.”
About STACK
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.
STACK is a financial technology
company that provides members an
alternative way to spend, save and
share money.