Optimise business onboarding costs and efficiency with an integrated identity verification platform

Tuesday 18 July 2023 09:07 CET | Editor: Alin Popa | Interview

Michael Ramsbacker, Trulioo Chief Product Officer shares valuable advice on how businesses can optimise onboarding costs and efficiency with an integrated identity verification platform.


Business verification presents the dual challenge of determining the legitimacy of a company as well as that of its ultimate beneficial owners (UBOs) or people with significant control and then performing Know Your Customer (KYC) checks on those individuals.

Verifying those people requires piecing together a complex puzzle of ID documents, personally identifiable information (PII), and biometrics to confirm the owners are who they say they are. 

Verifying businesses is even more complicated and often includes costly manual reviews that can take weeks. The complexity multiplies when international companies have to navigate a maze of Know Your Business (KYB) and KYC requirements around the world. 

Those challenges often lead organisations to adopt multiple-point solutions, with each addressing only a fraction of an organisation’s overall verification problem.

It doesn’t have to be so complex, said Michael Ramsbacker, Trulioo’s chief product officer. Learn in the following interview how he sees a global identity platform as the answer to the verification challenge.

How does a global identity platform use ID documents, PII, biometrics, and watchlists to ensure accurate and efficient verification?

A comprehensive identity platform gives companies the flexibility to blend verification capabilities to authenticate individuals and optimise onboarding costs. Depending on your use case and location, it might make sense to use one capability instead of another. 

Imagine an organisation onboarding a college student. While data source verification offers a fast experience, it may not be enough to verify a young person with limited credit history. 

On the other hand, identity document verification with biometrics provides reliable coverage worldwide. In the college student use case, document verification would likely be more efficient. 

A layered verification stack enables organisations to smoothly transition from one capability to another without adding unnecessary friction, resources, or costs.

How can organisations gather data from multiple sources and regions to verify their users while complying with local regulations around data privacy and sanctions screening?

Companies have two options. 

They can choose to source data providers and navigate the complex verification web in the countries where they operate. That approach can be costly and time-consuming. 

A more streamlined alternative is to collaborate with a trusted identity verification partner that takes charge of all data sourcing on behalf of a business. 

By leveraging an identity platform’s global data coverage and expertise, companies can access the most reliable information and ensure compliance with regulations worldwide. Reputable identity platforms will also continually review data sources and expand into new markets to maximise match rates and enhance coverage.

What are the additional challenges international companies face in identity verification, and could the lack of compatible systems contribute to those challenges?

Most countries have their own data sources for person or business identification. Navigating that intricate identity landscape requires a deep understanding of the verification nuances in every country. That's when a global identity verification provider becomes your trusted ally. 

Experienced verification experts can help businesses navigate country-specific regulations and ensure they stay on the right side of compliance requirements. With a comprehensive, integrated verification platform, organisations can confidently adapt to a region’s compliance landscape and build tailored workflows that pave the way for streamlined onboarding.

What are the critical aspects of business verification?

It’s a multistep process that can include verifying business data and the UBOs or people with significant control. It also can involve screening companies against global watchlists and sanctions lists. 

An identity verification platform that performs KYB and KYC checks in a single, dynamic workflow can help organisations quickly and conveniently onboard businesses. 

How can organisations streamline onboarding and optimise the cost of bringing on good customers?

Businesses should look for a verification partner capable of integrating multiple verification capabilities into the IT ecosystem. 

Whether a company prefers the convenience of an API or the ease of a hosted solution, a comprehensive identity platform empowers organisations to choose the integration method that best aligns with their needs. That holistic approach can help close workflow gaps and set the stage for optimal onboarding efficiency.

Can you share an example of how an identity verification platform helps organisations optimise customer onboarding costs while maintaining compliance with relevant regulations?

A digital identity verification process can help businesses that rely on manual checks to verify people and organisations. 

By implementing a verification system with built-in automation, companies can establish streamlined verification paths that eliminate the hassle of determining the correct workflow. That approach reduces the pitfalls of error-prone manual checks and empowers organisations to confidently navigate country-specific requirements worldwide. 

About Michael Ramsbacker

Michael has more than 20 years of experience in the strategic execution of product strategies, particularly for the business-to-business technology industry. At Trulioo, he oversees the launch of new digital identity verification capabilities and services.



About Trulioo

Trulioo is dedicated to verifying the identity of anyone and any business. Its identity platform drives global growth for organisations by helping them navigate the challenges of compliance and providing real-time verification of more than 5 billion people and 300 million businesses worldwide. By leveraging world-class technology designed to make identity verification faster and more efficient, Trulioo is opening the door to the digital economy for everyone on the planet.

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Keywords: KYC, KYB, identity verification, biometrics, API
Categories: Fraud & Financial Crime
Countries: World
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