One of the many processes that businesses are digitizing is identity verification. It is a crucial component in conducting due diligence on customers and users.
However, according to Vancouver-based identification startup Trulioo, companies facing stringent regulatory compliance requirements often use multiple applications for identity verification. This can create additional expenses and become time-consuming.
Companies like Trulioo aim to make identity verification more efficient with automated workflows.
“The Trulioo breakthrough approach eliminates the need for redundant, complex multi-vendor verification systems.”
– Michael Ramsbacker, Trulioo
On Thursday, Trulioo revealed new capabilities for its Workflow Studio, a platform designed to help businesses optimize and automate customer verification and compliance processes, to accelerate person matching.
Person matching refers to a positive match between a person and the identity information they provide. This confirms the identity the person provided is authentic. Trulioo has launched the ability to streamline the verification of users through intelligent transaction routing that improves match rates, which is meant to accelerate customer onboarding.
In addition, Trulioo claims it uses artificial intelligence (AI) and machine learning to identify optimal combinations of personally identifiable information that matches ID documents and watchlists.
“The Trulioo breakthrough approach eliminates the need for redundant, complex multi-vendor verification systems, enabling organizations to quickly and intelligently onboard customers,” said Michael Ramsbacker, Trulioo’s chief product officer.
Founded in 2011, Trulioo has developed a digital-identity verification software solution that operates as a single API integration. With offices in Vancouver, San Francisco, and Dublin, Trulioo claims to offer global identity verification for 700 million business entities serving 5 billion consumers.
Trulioo previously acquired Denmark-based HelloFlow in February 2022. The firm offered a no-code, drag-and-drop solution for client-onboarding monitoring. At that time, Trulioo said it plans to use HelloFlow’s technology to assist in onboarding new customers.
The launch of new capabilities for Trulioo’s Workflow Studio follows a significant change to its market strategy made last year.
In September 2022, Trulioo laid off 10 percent of its staff as part of its move to stop selling to small businesses. The company said it plans to focus more of its efforts on medium and large enterprises operating in multiple countries.
Trulioo CEO Steve Munford explained the company’s small business division represents a small portion of its revenue but was particularly resource-intensive.
“The small business segment of our business has typically accounted for less than three percent of our revenue, but accounts for an estimated 50 percent of our go-to-market resources,” Munford said.
Featured image courtesy Trulioo.