• Case Study
Global Trading Provider
Eliminates Overhead,
Accelerates Application
Processing
IG Expands Into
New Markets With
Agile Identity
Verification
Trulioo — Case Study
The
Challenge
20
IG’s significant global growth in
trading activity fueled a steady
stream of new clients but also
challenged the company to
enhance its onboarding as it
expanded into new countries.
“With the products we offer, our platform and
execution is the best available, but client onboarding
in most regions is quite a manual process, which could
take many days for an account to be opened,” said
Catherine Jeetoo, UK business change manager for IG,
which was founded in 1974. “After much internal work,
we realized that it is possible, with the right solutions, to
automate a lot of this process.”
At the same time, IG was unwilling to compromise its
high compliance standards, a point of pride for the
company. IG needed a rigorous identity verification
platform that enabled real-time access to reliable data
sources in target markets. It also needed the flexibility
to customize verification steps to meet Anti-Money
Laundering (AML) and Know Your Customer (KYC)
compliance requirements across multiple countries
and regions.
“We want to attract the active retail trader and investor
to IG,” Jeetoo said. “But with fast-moving markets,
people want to take advantage of the now, whether it’s
a global issue such as Greece or China or whether it’s a
particular stock they’re interested in. Having to wait for
an account to be opened is a missed opportunity.”
IG needed the right balance of security and speed.
Committed to further implementing digital identity
verification, the company partnered with Trulioo.
IG is a global leader in online trading and
the world’s leading provider of contracts
for difference and financial spread
betting, operating in 20 countries.
Trulioo — Case Study
The
Solution
Trulioo Helps IG Automate and Scale
Compliance Processes
IG chose Trulioo for its scalability, agility,
comprehensiveness, customizability and speed.
The easy integration enabled automated electronic
identity verification.
“In the UK and Australia, we have automatic
verification, and we wanted to extend this into other
territories,” Jeetoo said. “That’s when we contracted
with Trulioo and started looking at additional countries
where they could offer real-time identity verification.”
Among the advantages of partnering with Trulioo is its
unique approach to reducing the number of required
identity verification fields with built-in intelligence and
common field mapping. Trulioo supports an extensive
list of country-specific fields, including different name
and address attributes. A reduction in fields enables
clients to scale their businesses faster, smoother and
more efficiently.
“We started with a test,” said Rajib Deysarkar, IG
head of enterprise data and technology, Bangalore.
“We created some datasets using [the Trulioo] web
portal and started verifying on that platform against
other solutions that we had. We also tested integration
with [Trulioo] web services before trialing the API.
We then participated in [the Trulioo] normalized API
beta program. Our account opening team compared
the portal application against the results that the
automated service was giving.”
After that analysis, the decision was easy: IG deployed
Trulioo in full in the selected countries. IG is now
expediting application processing time and eliminating
the overhead of its manual review process.
“We track all of the verification and nonverifications,”
Deysarkar said. “We have logs, and in those logs, we
keep a note of time when we make a web service
request call to Trulioo web services, and the time it
takes to come back. We see faster response times and
a greater number of applications being processed.”
• Rajib Deysarkar
IG head of enterprise data and technology, Bangalore
“
We see faster
response times
and a greater
number of
applications
being processed.”
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.
More Applications Processed and Faster
Response Times
IG had strict vetting criteria for its identity verification
partner. The company worked closely with Trulioo to
vet data sources, reliability, compliance, technology
feasibility and performance.
Happy with what it found, IG relied on the global
expertise of Trulioo to optimize identity verification and
automate KYC.
“The evaluation process was quite easy,” Deysarkar
said, “due to extensive documentation from Trulioo.”
With that foundation, IG has been refining its
identity verification strategy. The company is now
implementing Trulioo for application reviews in
additional countries.
“There are several steps we’re taking to make results
better,” Deysarkar said. “Our goal is to cut identity
verification time by half. We’re working with Trulioo
to look at our results and identify even more areas of
improvements to enhance our results.”
IG is continually improving to stay ahead of the
competition and meet clients’ expectations.
“The process has been much smoother,” Deysarkar
said, “compared to other integrations we have done.”
The
Results
About IG
IG is a global leader in online trading and the world’s
leading provider of contracts for difference and
financial spread betting, operating in 20 countries.
The company also provides an execution-only
stockbroking service. Headquartered in the UK, IG
Group Holdings PLC is listed on the London Stock
Exchange and is a constituent of the FTSE 250.