New biometric identity verification platform from Trulioo promises easier compliance
A new global digital identity platform has been introduced by Trulioo to provide trusted user experience and regulatory compliance while identifying individuals or businesses.
The platform combines Trulioo’s selfie biometrics, identity document verification, utility data for proof of address, business verification, watchlist screening, ongoing monitoring and fraud prevention capabilities in a full suite of no-code workflow building tools, according to the announcement. Trulioo’s business verification is used for person-of-significant-control and ultimate-beneficial-owner checks.
Customers can use Trulioo’s platform for remote customer onboarding, and also get single sign-on access to all verification services through the Trulioo Portal, along with Workflow Studio, API Direct for integration with existing systems, and online education hub Navigator. The platform connects to third-party applications and external data sources, and Trulioo provides ongoing service and support for data source research and process optimization.
The company claims the global identity verification platform represents an industry first.
“Trulioo is the identity platform businesses turn to in order to solve the inherent complexity in onboarding customers globally,” says Steve Munford, Trulioo CEO. “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.”
Together, the full software suite enables businesses to mitigate fraud and comply with evolving KYC, KYB and AML regulations, Trulioo says.
“Meeting KYC, KYB, and AML requirements across multiple countries, numerous identity data sources, and country-specific regulatory environments is a significant challenge,” says Aite-Novarica Group Strategic Advisor David Mattei. “On top of that, companies need customizable workflows to deploy these types of solutions within their ecosystems. 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.”
“We built a platform that solves for the numerous identity verification challenges global enterprises face every day,” comments Michael Ramsbacker, Trulioo chief product officer. “Trulioo is the only company that delivers an integrated, high-performance platform with comprehensive capabilities, out-of-the-box processes and models, easy no-code configurability, and the ability to customize and amend functionality.”
Trulioo has nearly doubled its headcount over the past two years to 430 employees, despite cutting dozens of positions last year. At the beginning of that two-year stretch, the company raised $394 million in a series D funding round.