Trulioo adds intelligent transaction routing to identity verification orchestration platform
Canada-based Trulioo has added a set of new capabilities to its Workflow Studio platform for faster identity verification, while new deals for Shufti Pro and iDenfy and a product launch from Vouched demonstrate the broad applicability of selfie biometrics.
Intelligent transaction routing is the key feature added to Trulioo’s Global person Match Services, for more accurate results and lower costs for customer onboarding. The platform streamlines biometric identity verification and reverification with automated workflows that eliminate the need for multiple vendors and “solution waterfalling,” according to the announcement.
Trulioo provides the example of a global brokerage and trading platform that used Trulioo’s selfie biometrics and ID document scans for customized know your customer (KYC) checks in 20 markets and know your business (KYB) checks in the U.S. Trulioo’s algorithms analyzed the many possible configurations it could use for cost, performance and processing time, and introduced adaptations for thin-file and multibureau sources. The result was a 7 percent higher verification rate with decreased costs for manual review and abandonment, plus a 35 percent drop in processing time, the company says.
“A piecemeal approach to person matching through multiple vendors has been a necessary evil in the industry because incomplete products have failed to meet the challenges of diverse demographics and regional limitations,” says Michael Ramsbacker, Trulioo chief product officer. “The Trulioo breakthrough approach eliminates the need for redundant, complex multivendor verification systems, enabling organizations to quickly and intelligently onboard customers and gain a competitive advantage. The proof is in the platform, and we invite everyone to test it themselves.”
Trulioo recently revealed that it has seen 586 percent growth in adoption of its KYB services ahead of an American regulatory change.
New partnership for Shufti Pro, customer win for iDenfy, healthcare software from Vouched
Selfie biometrics providers are working with businesses in a range of verticals, meanwhile, to improve identity verification and regulatory compliance.
Digital transformation consultant Supercharge is partnering with Shufti Pro on the creation of software and solutions with high security and compliance capabilities, according to a company announcement.
Supercharge works with companies to design, build and scale digital products and services from its offices in London, New York, Helsinki, Amsterdam, Vienna and Budapest.
“Partnering with Shufti Pro is a critical component of our compliance strategy and will support our efforts to manage risks in an increasingly turbulent world,” says Márton Heves, CFO of Supercharge.
“Digital solution providers, such as Supercharge, are in high demand for IDV services to ensure seamless user experience,” says Victor Fredung, CEO of Shufti Pro. “This collaboration aims to assist our clients in establishing a secure and transparent digital future whilst ensuring adherence to KYC, KYB, and AML regulations.”
Florida-based video consulting and equipment rental service Beyond the Pines Productions has selected iDenfy’s remote KYC checks through ID document photos and selfie biometrics with liveness detection as part of its automated rental checkout process.
Beyond the Pines Productions sought a remote onboarding process for equipment rental customers that would provide security without causing customers to abandon the process. The company selected iDenfy in order to take advantage of its ability to simplify the process, notable with its magic link feature. A magic link is a URL that provides instant identity verification when clicked, iDenfy says.
Vouched has launched a pair of new software products to streamline patient verification for telehealth and digital healthcare service providers.
VouchedRx and VouchedRx Plus offer real-time identity verification through facial recognition, ID document verification and data verification, according to the announcement. VouchedRx Plus combines the capabilities of VouchedRx with features to help meet stringent regulatory requirements. Both can be customized based on the customer’s business needs to streamline onboarding and mitigate fraud attacks.