As businesses continue to navigate a transforming digital landscape, the need for dependable identity verification has never been clearer.
Recognizing this need, global identity verification platform Trulioo has stepped up its game, with the Vancouver company reporting a 586% increase in the adoption of its Know Your Business verification services since 2020.
A primary driver of this growth? The evolving regulatory landscape in the United States.
With the INFORM Consumers Act coming into effect, ecommerce marketplaces and financial services companies have been scrambling to adjust to these new reporting requirements, the BC firm says. The act stipulates that ecommerce platforms must verify high-volume sellers within ten business days of reaching a transaction or financial threshold, a task nearly impossible with traditional manual KYB processes.
With the advent of the INFORM Consumers Act, the need for automated person and business verification has become crucial, especially for global digital-first organizations with large customer and seller volumes. In this shifting environment, Trulioo’s KYB services have emerged as a sought-after solution, providing verification capabilities for the top five global ecommerce marketplaces.
Trulioo’s integrated platform extends its verification services to both KYB and Know Your Customer, offering a one-stop solution for organizations aiming to enhance business efficiency and customer experience. The platform also incorporates AML Watchlist and ongoing sanctions screening, checking users and businesses against politically exposed persons lists, over 6,000 global watchlists, and more than 20,000 adverse media sources.
“Organizations are turning to Trulioo because we have the unmatched ability to provide best-in-class KYB and KYC in one platform and can create optimal workflows to support regulatory compliance anywhere in the world,” said Michael Ramsbacker, Trulioo chief product officer. “A single platform that solves for person and business verification can drive efficiency and lower overall costs.”
“Those proven capabilities are used by customers in more than 100 countries every day,” Ramsbacker added. “It’s not surprising we’re seeing tremendous growth in our KYB offering, and we expect to see that level of interest continue.”
A venture born by Vancouver entrepreneurs Tanis Jorge and Stephen Ufford, Trulioo has climbed the ranks to become a tech unicorn, achieving a $1.75 billion valuation in 2021, and doubling its staffing in less than two years.
The firm aims to verify the identity of anyone and any business around the world, providing real-time verification for over five billion people and 700 million business entities worldwide.