UPDATED 08:00 EDT / JANUARY 31 2023

BIG DATA

Trulioo unites business and personal identity verification in one platform

Well-funded identify verification company Trulioo Inc. today launched a unified global platform for personal and business verification.

The company also introduced a no-code workflow builder and low-code integrations. Customers will now be able to use a single platform for identity information matching, document verification, utility data for proof of address, business verification, watchlist screening and monitoring and anti-fraud capabilities.

Trulioo, which has raised nearly $475 million, automates a process that is mostly manual in most industries and geographies. Its business verification tools provide real-time access to company filings from official registers and run checks on ultimate beneficial owners. The service also tries to identify a company’s ownership structure by pulling data from more than 400 vetted sources, the company says.

Its personal identification service conducts a similar matching process and allows applicants to provide documentary evidence such as government-issued identity cards and photos. The service is used for payment verification and onboarding of financial services customers in identity-sensitive businesses such as cryptocurrency exchanges, said Chief Product Officer Michael Ramsbacker. “If you are onboarding a new user that could be a person or business and you need to know who they are either for compliance or trust/safety reasons we do that across multiple countries,” he said.

For example, personally identifiable information data checks vary from country to country with some requiring national identity cards and others having no identity checks at all. “Most enterprises have 15 or 20 different identify vendors to stitch together and we help them do that,” Ramsbacker said. “We’re optimized to get as many good users through your funnel as possible.”

The low-code tools can be used to integrate Trulioo’s service into existing workflows as well as to build new ones. It’s based on technology the company picked up with its acquisition last year of HelloFlow ApS, a maker of no-code drag-and-drop development software for onboarding, monitoring and digital workflows.

Trulioo said its growth has been driven by the recent surge in online shopping, mobile payments and digital currencies amid a growing number of regulations that require businesses to know more about the customers and companies they do business with as well as to prevent money laundering.

Founded in 2011, Trulioo currently has about 460 employees, “a healthy balance sheet and top investors,” Ramsbacker said. About 70% of its business is verifying individuals but demand for its business verification services has been growing rapidly, he said. Pricing was not announced.

Photo: Pixabay

A message from John Furrier, co-founder of SiliconANGLE:

Your vote of support is important to us and it helps us keep the content FREE.

One click below supports our mission to provide free, deep, and relevant content.  

Join our community on YouTube

Join the community that includes more than 15,000 #CubeAlumni experts, including Amazon.com CEO Andy Jassy, Dell Technologies founder and CEO Michael Dell, Intel CEO Pat Gelsinger, and many more luminaries and experts.

“TheCUBE is an important partner to the industry. You guys really are a part of our events and we really appreciate you coming and I know people appreciate the content you create as well” – Andy Jassy

THANK YOU