American Banker: KYC Data-Sharing Venture Trunomi Raises $3M

Tanaya Macheel reports in American Banker:

Trunomi, a startup that aims to simplify account sign-ups and know-your-customer compliance for banks, has raised $3 million.

The company said it will use the proceeds of the funding round to develop its data-sharing technology, which it touts as a way to give consumers greater control of their personal information while eliminating duplicative paperwork.

Trunomi is one of several organizations working on technological solutions for the often conflicting demands of anti-money-laundering regulations and fraud prevention, on the one hand, and privacy, cybersecurity and customer convenience on the other. Other examples include miiCard, a startup based in Edinburgh, Scotland, that creates "digital passports" for consumers to prove their identities, and a Canadian initiative in which people log in to government websites through their banks.

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