VANCOUVER, British Columbia--(BUSINESS WIRE)--Trulioo, an industry-leading identity platform with proven global coverage for person and business verification, today announced a 34% increase in marketplace transactions and 21% in payments in the past year as digital commerce rapidly expands across the globe.
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 new users around the world, those global enterprises turn to Trulioo for fast, compliant digital verification proven to defend against sophisticated threats such as deepfakes, injection attacks, and third-party and synthetic identity fraud.
"As digital commerce and the fraud that follows it continue to grow in breadth and depth, global marketplaces and payments enterprises rely on Trulioo to strengthen compliance and trust for their digital platforms,” said Trulioo CEO Steve Munford. “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 global organizations to quickly adjust to any onboarding scenario anywhere in the world.
Superior Document Verification Performance
Trulioo closed 2024 with a 325% increase in document verification volume, thanks 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.
- Powerful 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.
- Cutting-Edge 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 unparalleled accuracy.
The Trulioo integrated platform delivers unique value to global enterprises by blending data, document and business verification in a single workflow to help organizations quickly achieve Know Your Customer (KYC) and Know Your Business (KYB) compliance. The ability to easily mix and match verification capabilities has led to 66% of Trulioo customers using the platform to combine KYC and KYB.
Industry-Leading Business Verification
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. Enhanced KYB capabilities from Trulioo include:
- Fresh and 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.
Cutting-Edge Capabilities Through a Global Platform
Trulioo continues to set the pace for KYC, KYB and Anti-Money Laundering innovation with industry-defining adaptability and precision. The Trulioo platform’s leading-edge advancements – such as language adaptability, document processing and regional customization – have set a new benchmark for personalized onboarding and compliance.
The platform has set the pace for verification with:
- Unmatched 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
"Trulioo is proud to lead the way in global identity verification by combining agility, intelligence and compliance to help businesses meet regulatory demands and drive customer confidence," Munford said. "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.”
For more information about Trulioo, please visit trulioo.com.
About Trulioo
Trulioo is the world’s identity platform, trusted by leading companies for their verification and fraud prevention needs. Offering business and person verification across the globe, Trulioo covers 195 countries and can verify more than 14,000 ID documents and 700 million business entities while checking against more than 6,000 watchlists. Trulioo enables global companies to prevent fraud with hundreds of predictive risk signals, consortium data and industry-specific machine learning models. Its comprehensive suite of in-house capabilities, integrated across a single automated platform, powers customizable onboarding workflows tailored to meet any market requirement. Combining its state-of-the-art technology with expertise across diverse markets, Trulioo enables the highest verification assurance levels, optimizing onboarding costs and fostering trust in the global digital economy.
