Trulioo has debuted expanded versions of its know your customer (KYC) and know your business (KYB) identity verification tools.
The updates include expanded geographic coverage, “localization and enhanced artificial intelligence” (AI) to help companies streamline their individual and business verification, according to a Tuesday (June 6) news release.
“With the ever-increasing complexity of financial crimes and anti-money laundering regulations, onboarding business customers often takes longer and costs more,” the release said.
Trulioo said in the release its KYB solution automates traditionally manual verification processes to reduce onboarding time from days or weeks to minutes.
The company added in the release that its platform can do KYC “checks on a business’s ultimate beneficial owners in the same workflow,” checking more than 500 data sources, more than 12,000 types of ID documents and over 6,000 watchlists.
Trulioo debuted the platform in January amid what it noted was a surge in eCommerce, mobile payments and digital currencies, which challenged businesses to adhere to stringent compliance standards.
As PYMNTS noted soon after, there is a “greenfield opportunity for providers and platforms to help automate the verification of counterparties’ identities, payment details and accounts.”
That’s due in part to invoice fraud, a problem that results in an average yearly cost of $280,000 per middle-market business. Thirty-eight percent of businesses are using document and identity authentication tools, with roughly a third of those companies looking to modernize ID processes plan to outsource those functions.
Further PYMNTS research in the “B2B Payments Fraud Tracker” found that 71% of businesses say they need additional digital fraud solutions.
“It’s time for FinTechs to kind of grow up,” Diameter Pay CEO and Co-founder David Lighton said in a conversation this year with PYMNTS. “In [an] environment with higher regulatory scrutiny, we need to get really serious about compliance if we want to make it.”
Meanwhile, Andrew Gleiser, chief revenue officer at payments provider Aeropay, told PYMNTS last month that the use of AI has been “really big” for preventing fraud.
Cutting-edge AI tech is better at screening for patterns, connections and statistical anomalies in transactions that conventional, manual or human-led monitoring could have missed.
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