The global identity verification provider said the KYC solution will connect to 24 of the world’s largest Mobile Network Operators (MNOs), providing the ability to verify 1.8 billion mobile users worldwide through a single service. Through the new tool, mobile network carrier data will be combined with existing KYC sources, with MNOs from US, Canada, UK, China, India, Spain, France, and Switzerland providing mobile identity verification to help meet compliance.
Stephen Ufford, CEO of Trulioo, said: “We are very excited to be the first platform to offer the market services from dozens of MNOs through a single contract and API.
“This really is the future of KYC. One of our missions here at Trulioo is to help our clients offer financial services to the billions of unbanked individuals around the world. Thanks to participating MNOs, these underserved individuals will now be able to open a credit, bank or merchant account by proving their identity with just a few swipes on their phone.”
MNO authentication is used in conjunction with over 200 reliable and independent consumer data sources, such as credit, government, and banking to help instantly verify consumers during onboarding.
It will be offered through Trulioo’s electronic identity verification platform, GlobalGateway. The platform helps organizations comply with Anti-Money Laundering (AML) and Customer Due Diligence (CDD) requirements by automating Know Your Customer (KYC) and Know Your Business (KYB) workflows.
Headquartered in Toronto, Canada, Trulioo leverages optical character recognition, natural language processing, and artificial intelligence technology to provide a reliable and trustworthy way for clients to evaluate new and existing customers and business entities in real-time.
Last year, Trulioo was hand-picked by a panel of industry experts for the RegTech 100, a list of companies that every financial institution should know about in 2018. The RegTech 100 is part of the Global RegTech review – an essential, in-depth analysis of the global RegTech market.
To comply with KYC legislation a number of RegTech have recently entered the market with new solutions for ID verification. Earlier this month, Velix.ID, which is using blockchain to enable frictionless identity verification, announced plans for a token sale. Contego, a UK-based RegTech and compliance specialist, was also recently selected by The Open Banking Implementation Entity to run ID checks and verify users.
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