Trulioo adds digital ID verification service to up financial inclusion for U.S. students
Trulioo has added the U.S. Student Record to its GlobalGateway age and identity verification services, now making it possible for the digital identities of 18.3 million American students — representing 97 percent of all the country’s students — to be verified.
GlobalGateway provides ID verification and compliance services like know your customer (KYC) and anti-money laundering (AML) checks with selfie biometrics.
The move is seen by the company as an important development as it will enable the students, who are part of the Gen Z demographic cohort in the U.S., to have more access to financial products and services as well as boost their participation in economic activities.
This is also important as many of the students, who have virtually no credit history, are said to be in acute economic and financial hardship as a result of the coronavirus pandemic, the announcement mentions. Yet, they are an important generation of the American society because they constitute a vital consumer group for businesses.
“Many Gen Zers, and even millennials, often encounter problems opening accounts or getting a loan due to their thin credit files. The robust network of digital identity services from Trulioo enables organizations to reliably onboard thin file customers, remain compliant and mitigate fraud and risk, all while providing a seamless experience,” says Trulioo CEO Steve Munford.
The company notes that the need for reliable verification of the digital identity of students and those of the younger generation is becoming more important especially as the digital economy space expands.
Trulioo’s automated identity verification was chosen for age verification services in Germany recently.