What is Trulioo?

Trulioo is a leading global identity verification platform that provides businesses with the tools necessary to meet their Know Your Customer (KYC), Know Your Business (KYB), and Anti-Money Laundering (AML) compliance requirements. With a comprehensive suite of verification services, Trulioo enables organizations to verify identities across 195 countries and more than 5 billion potential customers. The platform leverages advanced technology and a vast network of over 450 data sources, ensuring that businesses can navigate the complexities of identity verification in an increasingly globalized market.

Features

Trulioo is packed with a variety of features designed to streamline identity verification and enhance compliance. Below are some of the key features:

1. Comprehensive Identity Verification

• Person Match: Trulioo accurately verifies digital identities worldwide with industry-leading regional match rates, allowing businesses to expand across borders effortlessly.
• Identity Document Verification: The platform supports the authentication of over 14,000 identity documents globally. This feature enhances customer experience through real-time document verification, utilizing biometrics and image-capture SDKs for flexibility in front-end design.

2. Business Verification

• 360-Degree Business View: Trulioo offers tools that enable businesses to confirm registration numbers and identify ultimate beneficial ownership, providing a complete view of business customers.
• Access to 700 Million Businesses: With the ability to authenticate a vast number of businesses worldwide, Trulioo helps organizations mitigate risks associated with business partnerships.

3. Global Watchlist Screening

• AML and Sanction Screening: The platform screens customers against over 6,000 global watchlists and 20,000 adverse media sources to ensure compliance with AML and KYC regulations.
• Reduction of False Positives: Trulioo's advanced algorithms minimize manual reviews and enhance customer satisfaction.

4. Fraud Prevention Tools

• Person Fraud Shield: This feature protects organizations from synthetic identity and third-party fraud by leveraging risk intelligence from email, phone, and network data.
• Risk Mitigation: Trulioo ensures a balance between identity verification and user experience, fostering trusted relationships with legitimate customers while preventing fraud.

5. Scalable Integration

• Single API Access: Trulioo provides a single API that unlocks a comprehensive verification platform. This allows businesses to integrate verification services seamlessly, enhancing scalability and efficiency.
• Global Coverage: The platform supports verification in 195 countries, making it a versatile solution for organizations looking to expand their global reach.

6. Data Optimization and Continuous Improvement

• Agility and Market Expertise: Trulioo continually optimizes its data sources and verification strategies to adapt to the unique challenges presented by different countries and demographics.

7. Compliance Assurance

• Regulatory Compliance: Trulioo helps businesses meet various regulatory requirements, including those set by FinCEN, FINRA, FCA, FINTRAC, and CySEC, through a full suite of in-house verification capabilities.

Use Cases

Trulioo serves a diverse range of industries and applications, making it a versatile tool for various business needs. Below are some common use cases:

1. Banking and Financial Services

• KYC Compliance: Banks can utilize Trulioo to keep pace with evolving KYC and AML regulations, ensuring that they meet compliance obligations while providing a smooth onboarding experience for customers.
• Account Verification: Financial institutions can verify customer identities efficiently, reducing the risk of fraud and identity theft.

2. Payment Service Providers

• Transaction Security: Payment processors can implement Trulioo's identity verification to protect their operations and customers, ensuring that transactions are secure and compliant with regulations.

3. Marketplaces

• Vendor and Customer Verification: Online marketplaces can create a trusted ecosystem by verifying both vendors and customers, which can lead to a competitive advantage in a crowded market.

4. Online Trading and Cryptocurrency

• Fast Onboarding: Trading platforms can leverage Trulioo's services to provide quick and secure onboarding for clients, meeting extensive compliance obligations in a fast-paced environment.
• Customer Expectations: In the rapidly changing cryptocurrency market, Trulioo helps businesses meet customer expectations for swift and secure identity verification.

5. Foreign Exchange and Wealth Management

• Cross-Border Compliance: Forex brokers can achieve KYC compliance that transcends borders, while wealth management firms can onboard global clients securely, balancing verification with user experience.

Pricing

While specific pricing details for Trulioo's services are not publicly available, the company typically offers tiered pricing models based on the volume of verifications and the specific features utilized. Businesses interested in Trulioo's services can contact the company for personalized quotes that align with their unique needs and usage patterns. Factors that may influence pricing include:

• Volume of Verifications: Higher volumes may lead to reduced per-verification costs.
• Feature Set: Organizations can choose specific features that align with their compliance and verification needs, which may impact overall pricing.
• Integration Requirements: Depending on the complexity of integration with existing systems, additional costs may be incurred.

Comparison with Other Tools

Trulioo stands out in the identity verification space due to its extensive global reach and comprehensive feature set. Here’s how it compares with some other identity verification tools:

1. Global Coverage

• Trulioo: Offers verification in 195 countries with access to over 450 data sources.
• Competitors: Many tools may focus on specific regions or lack the extensive data sources that Trulioo provides.

2. Document Verification Capabilities

• Trulioo: Supports over 14,000 document types for identity verification.
• Competitors: Other tools may offer fewer document types or lack real-time verification capabilities.

3. Fraud Prevention Features

• Trulioo: Includes advanced fraud prevention tools like the Person Fraud Shield, which utilizes risk intelligence.
• Competitors: Some competitors may not offer such comprehensive fraud prevention measures.

4. API Integration

• Trulioo: Provides a single API for easy integration and scalability.
• Competitors: Other tools may require multiple APIs or more complex integration processes, making scaling more challenging.

5. Compliance Assurance

• Trulioo: Meets a wide range of regulatory requirements globally, making it suitable for businesses operating in multiple jurisdictions.
• Competitors: Some tools may focus on specific compliance needs, limiting their applicability for global businesses.

FAQ

1. What industries can benefit from using Trulioo?

Trulioo serves various industries, including banking, financial services, payment processing, online marketplaces, cryptocurrency, and wealth management. Its versatile features cater to the unique compliance and verification needs of these sectors.

2. How does Trulioo ensure data security and compliance?

Trulioo adheres to strict security protocols, including SOC 2 Type II and ISO 27001:2022 certifications. The platform employs advanced encryption and data protection measures to safeguard sensitive information and ensure compliance with regulatory standards.

3. Can Trulioo support high volumes of verifications?

Yes, Trulioo is designed to handle high volumes of verifications efficiently. Its scalable API allows businesses to integrate and expand their verification processes as needed.

4. Is Trulioo suitable for small businesses?

While Trulioo is often utilized by larger enterprises, its features can also benefit small businesses, especially those looking to expand globally and ensure compliance with KYC and AML regulations.

5. How can I get started with Trulioo?

Businesses interested in Trulioo can book a demo or contact the company for personalized assistance. The onboarding process typically involves discussing specific needs, exploring features, and integrating the platform into existing systems.

In conclusion, Trulioo is a robust identity verification platform that offers a comprehensive suite of features designed to meet the needs of businesses operating in a globalized marketplace. With its extensive data sources, advanced fraud prevention measures, and compliance assurance capabilities, Trulioo stands out as a leader in the identity verification industry.