The size of the global digital remittance market is expected to reach USD $43 billion by 2028 and is anticipated to expand at a compound annual growth rate of 13.3%.
Remittances are a term used to describe international money transfers. The market growth can be attributed to the increasing transfer of money by overseas migrants to their native countries.
With this amazing growth comes opportunity and Vancouver’s Trulioo is positioned to take advantage. As a leading global identity verification company, Trulioo builds trust online so that consumers can transact safely and securely.
Money transfer companies face increasing responsibilities to prevent financial crime by verifying customer identities, businesses and documentation to meet Anti-Money Laundering (AML), Know Your Customer (KYC), and Counter Terrorist Finance (CTF) regulations.
Through the world’s largest marketplace of identity data and services, Trulioo’s GlobalGateway delivers real-time identity checks that adhere to a diverse range of compliance requirements, prevent fraud and maintain trust and safety online.
“With more remittance transfers made digitally than ever before, we are excited to partner with these innovative companies and help them overcome the challenges of meeting regional and local compliance while enabling safe and low-cost options for the senders and recipients of remittances,” said Steve Munford, CEO of Trulioo.
Trulioo GlobalGateway provides access to over 400 data sources to reliably and securely verify the identities of over 5 billion individuals around the world through one API.