Trulioo, an identity platform with global coverage for person and business verification, announced a 34% increase in marketplace transactions and 21% in payments in the past year as digital commerce adoption increases.
The surge in transaction volume reflects how payments and marketplace platforms are responding to a “boom in ecommerce and cross-border payments, which are predicted to grow from $190.1 trillion in 2023 to nearly $300 trillion by 2030.”
Faced with a wave of users, those enterprises turn to Trulioo for digital verification “proven” to defend against threats such as deepfakes, “injection attacks, and third-party and synthetic identity fraud.”
Trulioo CEO Steve Munford said:
“Trulioo is designed to meet complex cross-border digital verification challenges head-on with speed, accuracy and cost efficiency at scale.”
Trulioo innovation across its verification capabilities empowers those organizations to adjust to any onboarding scenario.
Trulioo has reportedly closed 2024 with a “325% increase in document verification volume,” due in large part to innovations that fueled:
- Faster Processing: Global enterprises that use Trulioo document verification have reported 65% faster processing times that spark quicker onboarding and greater operational efficiency. Trulioo processes 99% of transactions in less than two seconds.
- Fraud Detection: Trulioo sophisticated fraud detection, powered by advanced AI, achieved a 50% reduction in false-positive rates in independent testing, underscoring its detection accuracy for threats such as streaming injection attacks and account takeover attempts.
- AI and Machine Learning: Trulioo AI and proprietary machine learning models automatically generate precise government ID templates by analyzing distinct data points from each document to deliver accuracy.
The Trulioo platform delivers value to enterprises by blending data, document and business verification in a single workflow to help organizations achieve Know Your Customer (KYC) and Know Your Business (KYB) compliance.
The ability to mix and match verification capabilities has led to “66% of Trulioo customers using the platform to combine KYC and KYB.”
Trulioo innovation in Business Verification data access and intelligence has enabled customers to see a “41% increase in match rates for entities, including the newest small businesses and sole proprietors.”
KYB capabilities from Trulioo include:
- Up-to-Date Data: Trulioo refreshes its business data up to four times a day, ensuring customers are working with the most current, accurate information.
- Expanded Data Access: Trulioo has broadened its global data access from 500 million to 700 million business entities.
- Country-by-Country Nuances: Trulioo advanced language intelligence and its ability to validate more than 400 business registration number formats across 50 countries gives the platform flexibility to adapt to country-by-country requirements, address linguistic and data complexities, and provide accurate, compliant results.
Trulioo showcased its country-specific expertise in the U.S. Overall business verification rates there “exceed 95%, fueled by diverse, specialized data sets.”
Trulioo continues to set the pace for KYC, KYB and Anti-Money Laundering innovation with “adaptability and precision.”
The Trulioo platform’s advancements – such as language adaptability, document processing and regional customization – have set a “benchmark for personalized onboarding and compliance.”
The platform has set the pace for verification with:
- Support for local languages, document formats and cultural nuances across 195 countries
- 14,000-plus document templates and multilingual character recognition – spanning Latin, Chinese and Arabic scripts – to ensure verification in even the most complex regions
- Customizable onboarding workflows, dynamic translation and fully localized user interfaces in 40-plus languages
Munford concluded:
“Our ongoing commitment to innovation enables us to deliver the tools and capabilities that help businesses succeed today and overcome whatever challenges the new year brings.”