Trulioo’s new functions include expanded geographic coverage, localisation and enhanced artificial intelligence. These will help organisations streamline individual and business verification worldwide.
Banks and other financial organisations (FIs) are under increasing pressure to optimise their onboarding processes as financial crimes become more complex and capable of sidestepping security. According to GlobalData, fraud losses reached 0.04% of global card payment value in 2022, according to the “Trends in Payment Fraud” report published on February 16.
Trulioo’s upgrade automates what would have traditionally been manual verification processes, helping to confirm whether the entity is legitimate and suitable to do business with. The automated KYB and KYC processes will thus reduce onboarding time from days or weeks to minutes.
“With Trulioo, we can do both KYB and identity document-based KYC checks with one solution, turning a previously cumbersome onboarding process into one that is quick and easy”, said Philippe Panneton, senior vice-president of Global Risk & Underwriting at Nuvei, a Canadian payment processor. “This has enabled us to remain compliant across multiple continents and provide payments solutions that accelerate our customers’ businesses.”
Trulio: Company profile
Headquartered in Vancouver, Canada, Trulioo provides online identity verification services for websites and mobile applications through a single application program interface integration.
In 2019, the company partnered with Refinitiv – a financial market data and infrastructure provider – to develop Quad-ID, a solution designed to help FIs tackle ID fraud and financial crime.
Michael Ramsbacker, chief product officer at Trulioo, said: “Trulioo is the global leader in uniting KYB and KYC in one integrated identity platform for organisations that need to operate across different countries and languages.
“As evidenced by our latest features, we are dedicated to delivering the industry’s most complete verification workflows that are customised for a wide array of business needs to help companies navigate the complexities of today’s global digital economy”, Ramsbacker concluded.