Quebec firms innovate to bring open banking and real-time online screening to background check industry
Trustii and Valital place much-needed emphasis on real-time, fast-moving information
MONTRÉAL, September 19, 2023 – The background screening industry has been web-enabled but not transformed, prompting the partnership announced today by Montreal-based firms, Trustii, an automated background screening solution, and Valital, an award-winning AI-powered negative news screening platform.
The primary goal of the partnership is to offer clients what is largely missing from the background check market: access to real-time, fast-moving financial and non-financial information that don’t reside in databases.
“Several years ago, new entrants to the industry introduced powerful online platforms and tech-enabled processes, which the industry desperately needed,” states Jean-Simon Gaboury, CEO at Trustii. “But those improvements have been made to automate conventional background checks. And, these checks are no longer enough. Our collaboration with Valital aligns with our mission to help organizations mitigate risks with greater efficacy, specifically in response to emerging risks and threats.”
Trustii offers screenings and verifications beyond identity, criminal and credit checks, which don’t often tell the full story about an individual’s creditworthiness or behavior. With the application’s open banking feature, for example, human resources professionals can speed up the onboarding verification process, enhance their risk assessment, and take notice of malicious activities before hiring. According to M. Gaboury, “White collar crimes are too often committed by individuals with great credit standing and with no criminal history.”
“We’re pleased to be partnering with Trustii to boost their application with an added layer of real-time analysis of misconduct information from publicly available online information, including fraud and financial crimes. Using responsible AI, we analyze information that provide Trustii’s customers with a fuller picture of a stakeholder’s risk profile, continuously if needed,” says Ronny Aoun, Valital’s CEO. “This is becoming increasingly important to HR teams, for example, that are no longer satisfied with a one-time pre-employment screening, many are opting for periodic post-hire checks.”
According to some estimates, the global background check market is expected to grow at a CAGR of up to 8.5% well into 2030. Increasing demand in both commercial and private sectors is fuelling this growth, and North America (United States, Canada and Mexico) is leading this growth.
“Let’s face it, organizations understand the urgency for real-time, always-on risk monitoring. We’re at the forefront of this with our partnership,” adds M. Aoun.
Trustii provides property managers and human resources professionals an automated digital screening solution for various background screening purposes. Trustii’s technology relies on processes that allow for the interpretation of raw data, generating simple, objective, and easy-to-interpret results.
For more information, go to www.trustii.co
Valital is an award-winning AI-powered adverse media monitoring platform being used by leading firms across financial and professional services. Valital scours the internet to extract, filter and analyze real-time open-source intelligence. It flags relevant online information on companies’ adverse ESG risks as well as individuals’ misconducts. We believe our clients must verify first, then trust in order to stay ahead of unexpected reputation risks and build confident business relationships. Valital partners with IVADO, an artificial intelligence research and transfer institute, on key R&D projects.
For more information, go to www.valital.com
For media inquiries:
Simon Verville, Trustii
Ladanna James, Valital