Increase driven by growing business verification needs in evolving U.S. regulatory landscape
Vancouver, BC, June 27, 2023 — Trulioo, a leading global identity verification platform, today announced it has experienced 586% growth in adoption of its Know Your Business (KYB) verification services since 2020 in U.S. financial services companies and ecommerce marketplaces, driving the increase as they adjust to new and evolving reporting requirements such as the INFORM Consumers Act, which goes into effect today.
Trulioo provides verification capabilities for the top five global ecommerce marketplaces. Organizations turn to Trulioo – which provides integrated, comprehensive KYB and KYC (Know Your Customer) verification services in a single platform – to drive improvements in customer experience and business efficiency. The Trulioo global platform also includes AML Watchlist and ongoing sanctions screening, which checks users and businesses against politically exposed people lists, more than 6,000 global watchlists and more than 20,000 adverse media sources.
Trulioo enables organizations to optimize onboarding by automating person and business verification, which is crucial for global digital-first organizations with large volumes of sellers and customers. That’s especially critical with the start of the INFORM Consumers Act and its focus on creating more transparency around online marketplace sellers and minimizing risk on both sides of transactions. The act requires ecommerce platforms to verify “high-volume sellers” within 10 business days of reaching a transaction or financial threshold, a challenging time frame to achieve with traditional, manual KYB processes.
“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. It’s not surprising we’re seeing tremendous growth in our KYB offering, and we expect to see that level of interest continue.”
To learn more about Trulioo and why KYB and KYC are better together in one platform, please visit www.trulioo.com.
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About Trulioo
Trulioo is dedicated to verifying the identity of anyone and any business around the world. The company’s identity platform drives global growth for organizations by helping them navigate the challenges of compliance and providing real-time verification of more than 5 billion people and 700 million business entities worldwide. By leveraging world-class technology designed to make identity verification faster and more efficient, Trulioo is opening the door to the digital economy for everyone on the planet.