Trulioo, a global pioneer in identity verification, announced substantial upgrades to its platform today, improving its Know Your Business (KYB) and Know Your Customer (KYC) capacities. This upgrade is set to solidify Trulioo’s market dominance by streamlining both individual and business verification at a global level.
The new capabilities encompass expanded geographic coverage, localisation for person verification, and advanced AI automation for business verification processes. These enhancements aim to reduce dependency on manual reviews, thereby saving time and resources involved in conventional identity verification.
Addressing the Complexities of Financial Crime
Given the escalating intricacy of financial crimes and anti-money laundering regulations, onboarding business customers often demands more time and incurs higher costs. Money laundering is a significant global issue, with an estimated 2-5% of the world’s total GDP lost to money laundering each year. In the U.S. alone, roughly $300 billion is laundered each year, which is 15%-38% of the money laundered globally.
Trulioo’s fully automated KYB solution is designed to expedite the process, verifying an entity’s legitimacy and suitability to do business with, thus reducing onboarding time from weeks to mere minutes.
Integrated KYB and KYC Verification Process
The platform’s latest features further optimise the KYB process by incorporating KYC checks on a business’s ultimate beneficial owners within the same workflow. According to Philippe Panneton, Senior Vice President of Global Risk & Underwriting at Nuvei, this consolidated approach to verification provides “greater reassurance and faster onboarding at a lower cost per good verified customer.”
Michael Ramsbacker, Trulioo’s Chief Product Officer, emphasised the unique capabilities of their platform. He stated, “Trulioo is the global leader in unifying KYB and KYC in one integrated identity platform for organisations that need to operate across different countries and languages.”
A Booming Market: The Growing Need for Comprehensive Verification
In an increasingly digital world that embraces online communities and transactions, comprehensive verification is crucial for countering fraud. Trulioo’s cutting-edge technology, combining KYB and KYC in a single integrated platform, represents a significant step in combating these risks. The emergence of Integrated Identity Platforms (IIPs) like Trulioo’s signifies a significant shift in the consumer identity landscape with a need for comprehensive solutions that streamline capabilities across the consumer lifecycle, enhancing the customer experience and simplifying complex legacy solutions.
Recent research from Liminal estimates the total addressable market for integrated identity platforms, like Trulioo’s, to reach a staggering $115.9 billion by 2027. This projection underscores the rising demand for comprehensive verification tools.
Upcoming Announcement at Money20/20 Europe
Trulioo will reveal more about the platform’s enhancements at the Money20/20 Europe event in Amsterdam on 8th June 2023, showcasing their continuous dedication to delivering industry-leading verification workflows.
Trulioo is committed to verifying the identities of individuals and businesses globally. With real-time verification of over 5 billion people and 300 million businesses worldwide, their goal is to make identity verification quicker and more efficient.
In conclusion, this update marks a significant stride for Trulioo and its users globally. With its new AI capabilities, wider coverage, and enhanced features, Trulioo is leading the charge towards a safer and more secure digital economy.
To learn more about Trulioo and its commitment to KYB and KYC, visit www.trulioo.com.