Cross-border remittances on Trulioo’s AML platform spike

Trulioo reports a 142 percent increase in cross-border remittance transactions processed through its biometric identity verification platform compared to a year ago.

Steve Munford, chief executive officer of Trulioo, says in an interview with Money20/20 that the company’s focus on orchestration sets it apart from other identity verification providers.

“Specifically, we’re seeing a lot of focus on, say, marketplaces and payments and specifically the challenges of meeting the regulatory requirements for onboarding and business,” Munford says.

Trulioo’s digital identity verification platform enables remittance companies to authenticate identities and perform due diligence in adherence to global regulations, such as anti-money laundering (AML) and KYC. The platform offers digital identity verification in 42 languages for customer onboarding.

“The widespread adoption of the Trulioo platform highlights its success in accelerating secure, compliant identity verification across regions,” says Hal Lonas, chief technology officer of Trulioo.

A 2024 Visa report about the adoption of digital remittances reveals that consumer behavior has shifted towards using digital applications for sending remittances. The report gathered insights from senders and receivers across 20 countries.

This change highlights the need for financial services companies to implement digital identity verification systems. Despite varying regulatory requirements in different countries, payment service providers must adhere to these rules to reduce the risks of money laundering, fraud, and identity theft.

Trulioo provides API integration for engineering teams, allowing them to incorporate identity verification workflows into their platforms and automate the verification process. The API is designed to be flexible and scalable to meet the needs of each customer, the company says.

“As we continue to innovate, our technology empowers companies to make informed, data-driven decisions and efficiently manage the complexities of international transactions,” Lonas adds.

Trulioo has also recently partnered with a retail trading platform Capital.com to facilitate the company’s global expansion through user-friendly onboarding processes. The company is also collaborating with Mastercard in the $40 billion financial services biometrics market to streamline onboarding and protect against fraud by integrating digital identity verification.

Article Topics

AML  |  digital identity  |  fraud prevention  |  identity orchestration  |  identity verification  |  Trulioo