Trulioo announces platform enhancements to automate KYB and KYC verification

Trulioo released new capabilities for automated business and person verification workflows.

The latest update bolsters Trulioo global leadership by expanding geographic coverage and localization for person verification and further automating business verification processes to reduce costly manual reviews.

With the ever-increasing complexity of financial crimes and anti-money laundering regulations, onboarding business customers often takes longer and costs more. Trulioo provides a fully end-to-end Know Your Business (KYB) solution that automates traditionally manual verification processes to confirm the entity is legitimate and suitable to do business with, thereby reducing onboarding time from days or weeks to minutes.

To further streamline the KYB process, the Trulioo global identity platform can perform Know Your Customer (KYC) checks on a business’s ultimate beneficial owners in the same workflow. Trulioo offers unmatched breadth for person verification with more than 500 integrated personally identifiable information data sources, 12,000-plus identity document types and more than 6,000 watchlists with recently expanded geographic coverage and localization support for global use cases.

The result of that layered approach to business and person verification is greater reassurance and faster onboarding at a lower cost per good verified customer.

“With Trulioo, we can do both KYB and identity document-based KYC checks with one solution, turning a previously cumbersome onboarding process into one that is quick and easy,” said Philippe Panneton, Nuvei’s SVP, Global Risk & Underwriting. “This has enabled us to remain compliant across multiple continents and provide payments solutions that accelerate our customers’ businesses.”

Trulioo CPO Michael Ramsbacker added: “Trulioo is the global leader in uniting KYB and KYC in one integrated identity platform for organizations that need to operate across different countries and languages. As evidenced by our latest features, we are dedicated to delivering the industry’s most complete verification workflows that are customized for a wide array of business needs to help companies navigate the complexities of today’s global digital economy.”

As businesses continue to embrace digital communities and transactions, comprehensive verification is vital to combating fraud. That has led to a $48.1 billion total addressable market for integrated identity platforms in 2023, with estimates that it could reach $115.9 billion by 2027, according to recent research from Liminal.

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