Identity-specialist Trulioo has launched a new platform for person and business verification.
The company said in a statement, it is combining its verification solutions with no-code workflow building and low-code integrations and that platform users will have access to a range of services, such as personally identifiable information matching, Identity Document Verification, and Utility Data for proof of address.
In addition, the platform will also have watchlist screening, ongoing monitoring, and anti-fraud capabilities while the Business Verification feature has been added for “in-depth person-of-significant-control and ultimate-beneficial-owner verification.”
“Trulioo is the identity platform businesses turn to in order to solve the inherent complexity in onboarding customers globally,” said Steve Munford, Trulioo CEO, speaking on the announcement.
“We enable businesses to offer their goods and services in nearly every country in the world and remain compliant. We provide our customers with industry-leading capabilities backed by best-in-class customer success so they can focus on their business and customers.”
The surge in online shopping, mobile payments and digital currencies in recent years presents a raft of opportunities for innovation and growth.
But it also poses challenges for businesses to mitigate fraud and meet evolving regulations such as ‘Know Your Customer, Know Your Business’ and ‘Anti-Money Laundering’ requirements around the world.
According to David Mattei, Strategic Advisor at Aite-Novarica Group, a solution that combines identity verification and compliance on a global scale while also being client-configurable is a much-needed capability in the industry.
He explained, “The identity and regulatory worlds are complex, especially for businesses who are multi-national. Meeting KYC, KYB, and AML requirements across multiple countries, numerous identity data sources, and country-specific regulatory environments is a significant challenge. On top of that, companies need customizable workflows to deploy these types of solutions within their ecosystems.”
The Trulioo platform launch marks an important milestone for the company. In less than two years, the Vancouver-based firm has nearly doubled its staff numbers to 430 employees, and broadened its corporate footprint to the United States, Ireland, Denmark, Romania and Singapore.
In June 2021, Trulioo secured $394 million in Series D funding, led by TCV, one of the world’s largest growth equity firms.
Additional investors include Goldman Sachs, American Express, Citi Ventures and Blumberg Capital.
