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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
In 2022, global fines for failing to prevent money laundering (AML) and other financial crime surged more than 50 percent, totaling more than $2 billion in the banking sector alone. With the ever-increasing complexity of AML regulations and the global nature of financial services, financial institutions are investing more resources into compliance and due diligence to protect their businesses.
Join us for an engaging conversation about the complexity of Know Your Business (KYB) and Know Your Customer (KYC) regulations and discover how a single, integrated identity platform can help streamline the process of truly knowing the entity and the people you are doing business with.
Last month at FinovateEurope, we spoke with Trulioo Chief Product Officer Michael Ramsbacker to gain some insight on how financial services institutions can overcome challenges related to identity verification.
Tune in to this four-minute video to hear what Ramsbacker has to say about fraud, challenges in identity verification, and Trulioo’s global digital platform.
A look at the companies demoing at FinovateEurope in London on March 14. Register today and save your spot.
Trulioo is the identity platform global businesses turn to for growth, innovation and compliance. Trulioo is the end-to-end identity verification platform.
Features
Quickly build, launch and optimize onboarding workflows through Workflow Studio or connect to specific verification services through API Direct.
Why it’s great
No matter a company’s needs and requirements, Trulioo enables a company to smoothly connect their system with Trulioo’s solutions.
Presenters
Michael Ramsbacker, Chief Product Officer Ramsbacker has more than 20 years of experience in the strategic execution of product strategies, particularly for the business-to-business technology industry. LinkedIn
Ben Penning, Director, Product Management Penning is the Director of Product Managment at Trulioo. Prior to working at Trulioo, Penning was a Senior Product Manager at ServiceNow. LinkedIn
Trulioo unveiled a new global identity verification platform this week.
The new offering combines both individual and business verification with no-code workflow building, low-code integrations, and more into a single platform.
A Finovate alums since 2014, Trulioo won Best of Show in its most recent Finovate appearance at FinovateEurope last March.
Identity verification specialist Trulioolaunched a new global identity verification platform this week. The new offering combines individual and business verification solutions with no-code workflow building, low-code integrations, and more in a single platform. The platform will give companies the ability to provide a streamlined onboarding experience, as well as the kind of intuitive user experiences that help build both trust and inclusivity.
“Trulioo is the identity platform businesses turn to in order to solve the inherent complexity in onboarding customers globally,” Trulioo CEO Steve Munford said. “We enable businesses to offer their goods and services in nearly every country in the world and remain compliant. We provide our customers with industry-leading capabilities backed by best-in-class customer success so they can focus on their business and customers.”
With a single contract, the new offering will enable Trulioo customers to readily access:
Personally identifiable information matching
Identity document verification
Utility data for proof of address
Business verification for in-depth person-of-significant-control
Ultimate-beneficial-owner verification
Watchlist screening and monitoring
Anti-fraud capabilities
“Trulioo is the only company that delivers an integrated, high-performance platform with comprehensive capabilities, out-of-the-box processes and models, easy no-code configurability, and the ability to customize and amend functionality,” Trulioo Chief Product Officer Michael Ramsbacker said. “We are giving our customers the power to create verification workflows that best meet their needs with just one contract and in one intuitive platform.”
Founded in 2011 and headquartered in Vancouver, Canada, Trulioo has been a Finovate alum since 2014. Demoing its latest technology on the Finovate stage most recently at FinovateEurope 2022 in London, Trulioo won Best of Show for its GlobalGateway Business Verification to Identity Verification workflow. This functionality, using Trulioo’s GlobalGateway Orchestration, enabled easy-to-do business verification, simple verification of owner identities, and world-class orchestration and workflow building.
The company’s new product launch this week comes as a growing number of businesses are pursuing opportunities in online commerce, mobile payments, and digital currencies. And while these avenues represent significant innovation and progress, they also bring with them new concerns over fraud and financial crime. Being able to know your customer, know your business, identify money laundering and more have become critical – and complex – compliance issues for businesses of all sizes. As such, it is as important for growing companies to have a verification solution that is customizable to their particular needs and workflows, while at the same time providing the requisite scale to support rapidly expanding enterprises. This is especially true when it comes to international expansion.
Trulioo’s platform reaches more than five billion consumers in 195 countries, and enables companies to access more than 450 data sources globally to provide broad, comprehensive identity and business verification. The company has raised more than $474 million in funding from investors including TCV, which led Trulioo’s $394 million Series D round in 2021; and Goldman Sachs, which led the company’s $52 million Series C in 2019.
Companies around the world are facing increased pressure to ensure they are monitoring and screening new and existing customers against applicable sanctions lists. While having a comprehensive screening program is nothing new for regulated companies, the current regulatory climate has demonstrated that companies need to be prepared to balance the need for increased speed and thorough compliance.
As a global service provider, Trulioo must continuously innovate to meet an increasingly diverse range of regulatory compliance requirements that its customers face. Whether it’s data protection or Anti-Money Laundering (AML), the pace and scale of change for laws and regulations across the globe continue to accelerate.
Managing a rapidly evolving landscape with the updated GlobalGateway
Without a way to accurately verify identities, the digital world is vulnerable to becoming a place where criminals will have the upper hand. To protect people and information, a robust digital identity solution provides a wide range of benefits including reduced onboarding costs, mitigating breaches and the fines they incur. Ultimately, digital identity is the foundation for building meaningful and sustainable relationships with customers.
This is why Trulioo has released its latest GlobalGateway platform update: to enable businesses in a wide range of sectors to protect customers and themselves from rapidly-changing risks, and to ensure they meet all regulatory requirements.
From straight-forward eIDV to document verification, GlobalGateway has always been designed to provide customers with any combination of verification methods. The platform now delivers new, innovative capabilities to address the changing needs of customers and the market as a whole, both at the point of onboarding and beyond.
The updated platform comes with three key new capabilities: Advanced Watchlist, UtilityID, and enhanced Business Verification. These new services streamline the onboarding of users and businesses, as well as providing continuous monitoring for fraud, money laundering, and illicit behavior throughout the customer lifecycle.
Removing friction in document verification with UtilityID
UtilityID is a consent-based identity verification service that uses utility provider data, such as bills and records, to verify addresses. It removes the need for the manual download, upload, and scanning of documents and other high-friction document verification processes. With UtilityID, Trulioo customers can meet Proof of Address compliance requirements in real-time, provide a faster onboarding experience, gain a higher level of address accuracy, and significantly reduce operation times associated with manual utility document verification and review.
UtilityID is offered via the same API as all other GlobalGateway solutions, making integration easy for customers and giving them full control over the user journey and experience for the businesses they serve.
Introducing Advanced Watchlist
Also updated is the Trulioo AML Watchlist, which provides increased coverage and the ability to conduct all forms of watchlist tracking. It is an ongoing monitoring service performing Know Your Customer (KYC), sanctions, and AML checks that ensure customer userbases are at the lowest risk of:
Sanction list presence
Fraud
Money laundering
Corruption
Financial crimes
Terrorism
Some examples of the watchlists Trulioo screens against include: OFAC, U.N. Terrorism list, EU Sanction Lists, Her Majesty’s Treasury, and INTERPOL.
As one of the most complete watchlist services on the market, GlobalGateway Watchlist is the AML compliance solution of choice for the world’s largest global marketplaces, financial institutions, and trading platforms. It’s fully integrated into the GlobalGateway platform and connects to customers’ eIDV onboarding journeys via a single API integration. AML Watchlist ensures the integrity of your userbase at the point of onboarding and continuously thereafter, as it’s able to screen and continuously monitor against 6,000+ global watchlists and 20,000+ Adverse Media lists.
This improved capability increases accuracy and minimizes manual checks and reviews, potentially saving customers millions of dollars in increased operational efficiency and reduced manual oversight.
Enjoy Enhanced Business Verification
GlobalGateway also allows companies to verify a business’ details anywhere in the world, from high-level data to stringent Ultimate Beneficial Owner verification. It leverages revolutionary intelligence to address the complex challenges of conducting business at an international level, including managing varying regulations, diverse standards for Business IDs, addresses and local languages, as well as automatically selecting the best-suited source of information. Trulioo’s unmatched global network of data sources allows Know Your Business (KYB) customers to easily access accurate and up-to-date information that supports compliance requirements and due diligence.
An updated results panel also allows customers to rely on a single, authoritative view of the businesses being verified. This removes the need for businesses to spend time figuring out which business they need to do a deeper level of due diligence with. Trulioo Business Verification customers will also benefit from improved performance and data quality. All of this is supported by a revamped API guide with new FAQs and best practices.
With Trulioo, no matter what your needs are or where you want to conduct business, you’ll receive a made-to-measure solution, built with purpose, for you. For more information, or to book a demonstration of the Trulioo GlobalGateway platform, please visit www.trulioo.com.
“What mmob does is solve the pain points on two sides of an ecosystem. On one side for third party product providers and service providers, we integrate all of their products and services onto our network. Then we also make that seamlessly accessible through to larger distribution channels so their products and services can be integrated natively.”
“(Identity verification) is very challenging, especially when you look at it as a global problem. Every region, every geography has a little bit of a twist. People may not have consistent addresses in some countries, or may not have a track record with a financial institution or a utility compared to some other places. So identity verification is very, very difficult and made much more complicated if you operate in a lot of countries or incorporate a lot of data sources.”
“We are an AI company focused on analyzing billions of articles and messages from the web in real -time using a technology called Natural Language Processing (NLP). We basically process text data and we derive insights that are consumed by financial professionals and corporates. We have the ability to screen an enormous, 20 billion articles and messages and to detect things like environmental, social, and governance risks; early warnings; analyzing competitors; measuring sentiment on companies and on concept.”
“Finshape is a new brand in the digital banking market. It has come about with the merger of two companies: BSC (Banking Software Company) and W.UP. With the combined force of these two companies, Finshape now has about 700 people with a hundred banking clients across the globe as clients and partners across four continents. We’re very proud to have built this digital powerhouse and we’re looking to do a lot more in shaping the future of digital banking.”
Stay tuned for more videos from Greg Palmer and the Finovate Podcast’s Conversations with Best of Show winners.
While 2021 was a record year for fintech merger and acquisition (M&A) activity, 2022 is off to a great start.
According to FT Partners, there were 1,485 M&A deals in the fintech space totaling $348.5 billion in 2021. As Square’s $29 billion takeover of Afterpay demonstrated, last year’s massive volume is partially thanks to multiple large deals.
This quarter, only eight of the 21 deals initiated disclosed financial details. Of those, the deal volume added up to almost $5 billion.
While experts predict that 2022 M&A activity will likely see momentum from 2021, there are two aspects to watch out for this year. First, we will not see as many SPACs as we saw last year. This may decrease the number of companies choosing to exit this year. Second, fintech valuations are deflating after experiencing huge rises over the course of the past two years. While the loss in value won’t directly impact the number of M&A deals, it will decrease the deal volume.
Day One of FinovateEurope is in the books. The demos are done and, now that the votes of our attendees have been counted, we are happy to introduce the winners of Best of Show for FinovateEurope 2022.
Dreams for its engagement banking platform, rooted in cognitive and behavioral science, that offers a unique way to engage your customers. Demo.
Finshape for its technology that helps banks win the race for digital customers through ready-made digital products and custom delivery services. Demo.
mmob for its technology that makes embedded finance easy and empowers consumer-facing fintechs to supercharge their growth through embedded finance partnerships. Demo.
SESAMm for its technology that leverages big data and artificial intelligence to provide investment signals to investors. Demo.
Trulioo for its global identity verification technology that helps organizations mitigate risk, reduce fraud, and scale compliance programs globally. Demo.
Thanks to all of our demoing companies, our speakers and presenters, our sponsors and partners, and our outstanding audience of both in-person and digital attendees. Be sure to stay connected to the Finovate blog and social media @Finovate to keep up with the latest from our FinovateEurope companies and presenters.
Notes on methodology:
1. Only audience members NOT associated with demoing companies were eligible to vote. Finovate employees did not vote.
2. Attendees were encouraged to note their favorites during each day. At the end of the last demo, they chose their three favorites.
3. The exact written instructions given to attendees: “Please rate (the companies) on the basis of demo quality and potential impact of the innovation demoed.”
4. The five companies appearing on the highest percentage of submitted ballots were named “Best of Show.”
5. Go here for a list of previous Best of Show winners through 2014. Best of Show winners from our 2015 through 2021 conferences are below:
The digital economy is rapidly growing. With the pandemic accelerating the urgency for agility, adaptability and transformation, traditional business models are being disrupted. It’s estimated that over the next 10 years, 70% of new value created in the economy will be based on digitally-enabled platform business models.
Meanwhile, research regarding global GDP is forecasting that digitally transformed enterprises will reach 53.3 trillion USD by 2023, making them account for more than half of the overall nominal GDP. As the digital economy continues to revolutionize the way we do business, companies are looking to optimize their onboarding workflows for a seamless user experience while continuing to meet Know Your Customer, Anti-Money Laundering and other regulatory and fraud prevention requirements.
With blue ocean opportunities for global growth and prosperity on the horizon, it’s clear that digitally-enabled business models will soon reign supreme in the global economy.
Elevating identity programs with advanced orchestration
By next year, it’s estimated that 75% of organizations will be using a single vendor with strong identity orchestration capabilities for identity proofing and affirmation, which is up from less than 15% in 2021. At a time when securing digital identities is a greater challenge than ever before, this sharp increase in demand for all-in-one vendor solutions is a testament to the pains businesses and their customers are experiencing with current workflows.
Typically, most legacy identity and authentication solutions require companies to cobble together different technologies as their needs and regulations have evolved. As a result of this siloed approach, Frankensteined technology setups put a strain on businesses as they are costly and time-consuming to maintain while also requiring an immense amount of heavy lifting from customers.
Say hello to Trulioo GlobalGateway Orchestration
For the past 10 years, Trulioo, the global leader in identity verification, has been on a mission to build a leading end-to-end identity platform that will enable everyone, in every country, to participate in the digital economy in real-time.
As consumers increasingly interact and transact online, the demand for reliable and robust identity verification services and technology continues to surge.
With this in mind, it only made sense for Trulioo to partner with HelloFlow — an innovative no-code, drag-and-drop builder of client onboarding and monitoring digital workflows.
Through the recent acquisition of HelloFlow, Trulioo is able to bolster its position as a trusted global platform for verifying businesses and individuals while offering advanced orchestration with unmatched capabilities. With a best-in-class, intuitive workflow builder, it will be even easier for customers to customize and deploy its global identity API — Trulioo GlobalGateway.
Backed by advanced orchestration from Trulioo, businesses will be able to seamlessly create multi-product verification workflows and smooth onboarding experiences for their customers, all while keeping their data secure. By bringing together several aspects from the employee and customer journey, businesses can alleviate the pains that are often associated with:
Registrations and logins
Identity verification
Ongoing authentication
With the ability to verify identities, businesses and documents, GlobalGateway Orchestration will combine user onboarding and verification to make it easy to:
Build and launch workflows At the heart of GlobalGateway Orchestration, the flow builder will allow you to build an integrated workflow that connects verification solutions.
Monitor and optimize workflows GlobalGateway Orchestration allows for high-level monitoring and testing of workflows by providing in-depth performance metrics including verification rates, country data and even deeper case-by-case reviews of client data.
Are you ready to future-proof your business?
As your business grows and your needs evolve, it’s important to work with a company that can grow alongside you.
No matter the size of your business, where you’re located or where you’re looking to go, Trulioo has the customizability to get you there. With experience in multiple markets and multiple countries, Trulioo has a team of growth specialists ready to help you future-proof your business, this year and beyond.
To find out how your business can begin leveraging an identity verification platform that’s built for change, visit the Trulioo website or you can see them at FinovateEurope 2022 in booth #37.
A look at the companies demoing at FinovateEurope on March 15 digitally and live in London on March 22 and 23, 2022. Register today and save your spot.
Trulioo is the global identity verification leader, helping organizations mitigate risk, reduce fraud and scale compliance programs globally.
Features
Easy-to-do business verification
Simple verification of owner identities
World-class orchestration and workflow building
Why it’s great
See just how simple yet effective verification of businesses and people can be with the industry leader in global verification.
Presenters
Hal Lonas, CTO Lonas brings over 25 years of technology leadership and expertise in cloud security and machine learning to his role as Trulioo CTO. LinkedIn
Mikkel Skarnager, SVP Product Skarnager co-founded HelloFlow, the innovative no-code digital workflow and onboarding solution, now a part of Trulioo. He previously led Digital Transformation at Saxo Bank. LinkedIn
Trulioo has acquired HelloFlow, a digital onboarding startup. Financial terms of the deal were not disclosed.
HelloFlow’s no-code, drag-and-drop tools “vastly simplify” the onboarding process and will offer efficiencies to Trulioo’s GlobalGateway customers.
Trulioo will leverage Denmark-based HelloFlow to help expand its global footprint, specifically in Europe. The company plans to double the size of its team by the end of the year.
Trulioo is making an acquisition today that will boost the digital onboarding aspect of its global identity platform. The company announced it has acquired HelloFlow, a startup that enables businesses to build client onboarding, monitoring, and digital workflow solutions using a no-code, drag-and-drop interface. Financial terms of the deal were not disclosed.
HelloFlow was founded in 2020 by Mikkel Skarnager and Ciprian Florescu who set out to disrupt the onboarding process by creating a digital solution with low barriers to digitalization. They came up with a no-code solution that minimizes coding and developer costs. The Denmark-based company has raised $3.3 million.
“We set out to build a platform that businesses could leverage for digital onboarding regardless of company size, resources, market, or jurisdiction,” said Skarnager. “We’re thrilled to be joining Trulioo and continue the journey of digital innovation and inclusion.”
The purchase combines Trulioo’s GlobalGateway data and identity services network built to verify the identity of both business and individuals with HelloFlow’s suite of orchestration, onboarding workflow, and risk management capabilities. By integrating HelloFlow’s technology, Trulioo will offer a single platform that combines Trulioo’s eIDV, KYB and DocV capabilities with the orchestration solution from HelloFlow. According to the press release, HelloFlow will “vastly simplify” the onboarding process, which will offer efficiencies for Trulioo customers.
“Establishing and securing trust online is a foundational step for all digital activity,” said Trulioo President and CEO Steve Munford. “Our ability to verify both businesses and individuals globally combined with HelloFlow’s advanced orchestration delivers unmatched capabilities and helps us accelerate an end-to-end identity platform that meets the evolving needs of our customers.”
Throughout 2022, the company plans to expand its global footprint. As part of this strategy, Trulioo will leverage HelloFlow’s current locations and operations to support its European expansion. By the end of this year, Trulioo anticipates it will have doubled the size of its team.
This purchase is Trulioo’s second acquisition since it was founded in 2011. Last June, the company raised $394 million in funding, boosting its total funding to almost $475 million and increasing its valuation to $1.75 billion.
For a look at the newest technology coming out of Trulioo, check out the company’s live demo at FinovateEurope next month. Trulioo is a Platinum sponsor of the event, which is taking place in person this year on March 22 and 23 at the Intercontinental O2 in London. Book your ticket today to save.
The announcement that global identity verification specialist Trulioo has signed up a sextet of cryptocurrency companies as its latest round of customers is a testament to the growing maturity of startups in the digital asset business. The six firms – Centbee, GMO Trust, Omni Matrix, Skilling, Strike Protocols, and Vintech Capital – will use Trulioo’s GlobalGateway to enable them to meet KYC and AML compliance requirements.
“The pandemic democratized the world of financial services, helping casual or novice investors explore financial trading online,” Trulioo CEO Steve Munford explained. “With cryptocurrencies becoming mainstream, digital asset issuers and exchanges understood the need to bolster their identity verification programs to securely and seamlessly onboard a huge uptick in users while meeting compliance obligations.”
Trulioo’s GlobalGateway gives companies access to more than 400 data sources to confidently and securely verify the identities of more than five billion individuals worldwide via a single API. The platform provides identity verification with real time comprehensive match results, ID document verification using intuitive image capture and automated verification technology, and AML (anti-money laundering) watchlists with extensive international coverage. This coverage includes sanction lists from law enforcement and government regulatory entities such as financial and securities commissions.
The solution also provides Business Verification, which Trulioo demonstrated during its most recent appearance on the Finovate stage last year at FinovateEurope in Berlin, Germany. At the conference, the company demonstrated its GlobalGateway Business Verification technology which provides regulated entities with certainty about their business customers and assures compliance with Customer Due Diligence (CDD) requirements. Leveraging key company data from government sources in more than 80 countries and from non-government sources in more than 195 countries, GlobalGateway Business Verification automates the complete Know Your Business workflow, enabling companies to verify business entity data, conduct watchlists reviews, and identify and verify a business’ beneficial owners.
Founded in 2011 and headquartered in Vancouver, British Columbia, Canada, Trulioo has raised more than $474 million in funding. The company’s most recent fundraising was a Series D investment in June of this year that added $394 million to the firm’s coffers. The round was led by TCV.
