Trulioo, the global identity verification company, announced Tuesday (July 24) that it started offering instant ID verification for consumers in the Philippines. In a press release, Trulioo said it is offering the instant verification via its GlobalGateway platform, which helps businesses automate their customer onboarding processes and ensure they are complying with anti-money laundering (AML) and know your customer (KYC) requirements.
“The Philippines is a remittance hub,” said Stephen Ufford, CEO of Trulioo, in the press release. “Having access to a global identity verification solution with comprehensive coverage safeguards against nefarious activities, such as money laundering and fraud, while helping to keep remittance costs low for senders and recipients.”
Citing the World Bank, Trulioo noted that the Philippines is one of the world’s biggest recipients of remittances, third behind India and China. Remittances are the country’s largest source of foreign exchange income, and account for about 10 percent of GDP in 2017, noted Trulioo. The company said that, in 2017, the Philippines recorded inflows of about $33 billion, which was an all-time high. In January, Trulioo said cash remittance from overseas Filipino workers hit $2.4 billion, which is a 9.7 percent year-over-year increase.
“Businesses want to take full advantage of today’s digital and borderless economy,” Ufford said in the press release. “And in order to do that, having a comprehensive solution — built specifically for the international market with maximum coverage, flexibility and customization — will produce greater efficiencies as the business scales into new markets.”
The news comes a few weeks after Trulioo announced it was partnering with Acuant, a global provider of data capture and identity authentication solutions, to enhance GlobalGateway. In a press release at the time, Trulioo said that, with the partnership, consumers will have a speedy onboarding experience and ensure regulated businesses are adhering to the cross-border AML and KYC compliance rules.