Can Trulioo maintain its upward trajectory by 2028? : Ken Research

Trulioo has emerged as a formidable player in cutting edge technologies and compliance expertise and providing groundbreaking advancements, making this franchise one of the largest in the US Identity Verification Market, projecting for a rise of 13% by 2028.

STORY OUTLINE

• A fully end to end solution provided by Trulioo, automates the entity verification process, making it easier and automatic for users.
• Trulioo enabled identity-documents check KYC to truly streamline the workflow.
• With technological advancements, integration and partnerships, Trulioo surges up the ladder.
• Flexibility and authenticity added with secured workflow, enables Trulioo to grow more.

1.A fully end-to-end solution provided by Trulioo, automates the entity verification process, making it easier and automatic for users.

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• Due to the increasing money laundering and theft, Trulioo has enabled a fully end-to-end solution called Know-Your-Business (KYB) which automates traditional manual verification reducing the time taken for complete verification from weeks to minutes.
• With the generalization of KYB, Trulioo stated a growth of 587% since the year 2020, reducing and solving many problems regarding money laundering and other frauds.
• Trulioo also has AML(Anti-Money Laundering) Watchlist and ongoing sanctions screening, which cross checks both users and businesses against people who are politically exposed, with more than 6000 watchlists and over 20,000 adverse media sources.

According to Ken Research, Trulioo has much stronger and secure interface and algorithms, with advanced protocols like Artificial Intelligence and Machine Learning, with a broader network of industries and cases associated with it and a large number of watchlist, makes this one of the leading companies, soon to top every other company, with promising vision towards the future.

2.Trulioo enabled identity-documents check KYC to truly streamline the workflow.

• In order to fully streamline the process, along with KYB, Trulioo enabled the Know-Your-Customer (KYC) process, which checks the business’s valuable owners in the same process.
• Trulioo through this process offers over 500 integrated personal identifiable data sources, more than 11,000 identity document types and more than 5000 watchlists, making it one of the most diverse in workflow but secure in every way.
• Trulioo advances new methods, stating them in Money20/20, Amsterdam, where high delivery of performance, utilizing a global network of more than 440 data sources to verify customers quickly and provide a real time access to more than 10,000 verifiable ID documents, leading to a growth and increase in security.

3.With technological advancements, integration and partnerships, Trulioo surges up the ladder.

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• Trulioo has officially upgraded EmbedID, with a new document verification and biometric facial recognition features, negating any fraud or hacking and maintains regulatory compliances for SMBs (Small and Midsize Businesses), making people’s engagement increase.
• EmbedID has been preconfigured with identity verification market’s GlobalGateway API, which can be accessed by SMBs, reducing fraud in a large scale and meeting AML and KYC requirements, bringing in people’s trust and increase in people who want to participate more by securing their business.
• The introduction of Artificial Intelligence (AI) as a process, has simplified the workflow, as persons data are being checked with real time details and documents both, without much manual or man power to be used, making the market to grow rapidly.

4.Flexibility and authenticity added with secured workflow, enables Trulioo to grow more.

• Trulioo has started its advancements since the Covid-19 pandemic, when all types of vendors have shifted all towards digital transformation. Unlike other players, Trulioo follows a much more flexible workflow resulting in a proper verification of customers during onboarding, conduction of ongoing monitoring or complying toward many types of regulatory requirements, expanding its reach to many different industries.
• Trulioo offers a much more complex data encryption resulting in a more secure and robust interface, resulting in a build of trust for which people with broader business tend to trust the company resulting in an increase in the growth of the market.
• With complex AI and Machine Learning, assisted with consistent support from human teams to maintain the regularity and authenticity with ever upgrading of the features, Trulioo is going to cross the ladder of the US identity verification market.

CONCLUSION

Trulioo is truly one of the leading companies running the identity verification, with multiple processes and complex protocol, consisting of KYB and KYC, also with AI to help screen with proper target allocation and Machine Learning (ML) to adequately process the result. A proper authenticity makes it truly trustworthy to people and their engagement makes this company to grow. Northern America has its dominance in the US Identity Verification Market with major contributions from this company, which is rising every year.

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