The extended Latin American coverage will reportedly enable organisations to verify attributes such as age, identity, and address, all the while complying to Know Your Customer, Know Your Business, and AML regulations. As explained in the company press release, throughout LATAM, address standardisation may vary, thus raising a challenge when it comes to achieving high match rates. The Trulioo eIDV service standardises the address information to increase match rates.
Michael Ramsbacker, Trulioo chief product officer explained that ‘the establishment and expansion of identity data partnerships across Latin America is integral to our continued ability to meet the evolving needs of our customers around the world.’ The company official continued by stating that Trulioo intends to extend the improved consumer onboarding to companies doing business in Colombia, the Dominican Republic, Mexico, and Uruguay.
According to data shared by Trulioo, fintech activity across the region is thriving, increasing the need for reliable, easy-to-use identity verification solutions. The Dominican Republic experienced 129% year-over-year growth between 2017 and 2021 in its fintech sector, while Uruguay landed in the top 20 of the Global Fintech Index in 2021. Mexico and Colombia are leaders in fintech, holding the second- and third-largest hubs in Latin America, behind only Brazil.
Trulioo enables organisations to securely access more than 450 data sources around the world to perform identity verification for consumers and businesses. As detailed by the company, the Latin America additions and enhancements include 100% of adult population data in the Dominican Republic and Colombia, 90% of the adult population in Uruguay, and significant improvements to a key data source in Mexico that will provide substantial verification rate increases. This is on top of existing coverage in Brazil, Chile, Costa Rica, Ecuador, El Salvador, Peru and Venezuela.
Trulioo provides real-time verification of 5 billion consumers and 330 million business entities worldwide — all through a single API integration. Organisations rely on its identity verification platform, GlobalGateway, to help meet their business and compliance requirements and automate due diligence and fraud prevention workflows.
In September 2022, Trulioo, has announced their expansion to Singapore. This move follows the rapid growth in customer demand in the Asia-Pacific (APAC) region, allowing Trulioo to serve its enterprise-level customer base in the region.
The expansion in Singapore reportedly strengthened Trulioo’s global presence; the company has corporate headquarters in Vancouver, British Columbia, and offices across North America and Europe. By expanding into the APAC region, the company can help maintain 24/7 support for its products and services, as well as comprehensive data coverage with match rates and partnerships in developing markets.
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