Identity verification platform Trulioo has unveiled new person-matching capabilities.
The launch, announced Thursday (Aug. 24), gives companies an alternative to working with multiple vendors to verify identities using personally identifiable information (PII) and identity documents.
“A piecemeal approach to person matching through multiple vendors has been a necessary evil in the industry because incomplete products have failed to meet the challenges of diverse demographics and regional limitations,” said Michael Ramsbacker, Trulioo chief product officer.
Trulioo, he added, lets organizations quickly and intelligently onboard customers. The company says it leverages enhanced artificial intelligence (AI) and machine learning to help companies assess millions of configurations to ensure the right balance of performance, job processing time and cost.
“Trulioo applies smart, data-based business logic to adjust in real time to customers’ PII and funnel them to the most optimized onboarding workflow,” the release said. “That approach ensures maximum performance and good, verified users.”
The launch follows Trulioo’s June unveiling of expanded versions of its know your customer (KYC) and know your business (KYB) identity verification tools.
The upgraded tools offer geographic coverage, localization and enhanced AI to help businesses streamline their individual and business verification.
As PYMNTS noted earlier this year – on the heels of yet another new Trulioo product roll-out – there is now a “greenfield opportunity for providers and platforms to help automate the verification of counterparties’ identities, payment details and accounts.”
That’s thanks in part to invoice fraud, a problem that adds up to an average yearly cost of $280,000 per middle-market business. Nearly 4 in 10 companies report using document and identity authentication tools, with roughly a third of those enterprises that want to modernize ID processes say they plan to outsource those functions.
Additional PYMNTS research in the “B2B Payments Fraud Tracker” showed that 71% of businesses say they need more digital fraud solutions than what they have now.
“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.”
And Aeropay Chief Revenue Officer Andrew Gleiser told PYMNTS in a May interview that the use of AI has been “really big” for stopping fraud.
“The folks that invest heavily in AI and use it to improve their authorization rates in the payment space are doing very well, as far as I’m concerned,” Gleiser said.
“Improving authorization rates by 10%, for example, ends up hitting the top-line revenue of both the processor and their customer.”
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