Layered Digital Identity Verification Can Enhance Onboarding

Businesses that apply layered digital identity verification that adjusts to specific use cases and markets can strike the right customer onboarding balance of speed and security.

Identity verification isn’t one-size-fits-all. Regulatory requirements vary across industries and countries. Fraud prevention programs have to adjust due diligence for different risk profiles.

Organizations have different risk thresholds during customer onboarding. On top of that, customer expectations and their willingness to share personal information vary around the world.

The Trulioo global identity platform takes all those variables into account by providing a suite of layered verification capabilities so businesses can mix and match services to meet their needs in any onboarding circumstance.

Broadly, there are two major verification use cases: verifying individuals and businesses. The Trulioo platform layers Watchlist Screening for Anti-Money Laundering (AML) capabilities for those verification techniques.

Watchlist Screening and its ongoing monitoring enable companies to screen users, businesses and crypto wallets against more than 6,000 global watchlists and more than 20,000 adverse media lists.

Individual Verification

Trulioo provides a broad range of services that enable individual verification for Know Your Customer (KYC).

Person Match

Businesses can verify digital identities by matching customer information against more than 450 data sources around the world. With access to unique data types, Person Match offers industry-leading regional match rates and accurate local results that fuel global expansion.

Identity Document Verification

This capability adds a layer of certainty and broad verification by enabling businesses to capture, analyze and authenticate customer biometrics and more than 11,800 types of identity documents around the world. Identity Document Verification provides a clean customer experience that minimizes friction through an intuitive and intelligent app.

Utility Data

Utility Data connects directly to more than 2,200 utility providers worldwide and provides an easy-to-integrate proof of address alternative to manual document verification. Utility Data reduces customer onboarding time from hours or days to just minutes while ensuring address accuracy and compliance.

Business Verification

The Trulioo platform provides layered capabilities for business verification and Know Your Business (KYB).

Business Verification

Companies can verify businesses internationally with access to up-to-date, independent data sources, including government registries, credit data and public records. Trulioo Business Verification can authenticate more than 700 million business entities around the world. The automated services range from high-level business insights to stringent ultimate beneficial owner authentication.

Business Verification also enables enhanced due diligence checks ofkey company officials or significant investors of corporate entities or subsidiaries.

An Integrated Identity Platform

All those services through the Trulioo platform can be combined to create cohesive, automated workflows.

For example, combining Person Match and Identity Document Verification enables a multilayered approach that can increase confidence in KYC checks and mitigate risks.

Business Verification paired with Person Match can help companies verify ultimate beneficial owners. Applying Watchlist Screening can help companies determine if those owners are on sanctions or adverse media lists. That heightened scrutiny of business customers helps establish robust KYB programs.

Optimizing verification through one platform can lead to lower acquisition costs while still achieving compliance and meeting customer expectations for speed and convenience.

Typically, layering those capabilities would require multiple point solutions from different vendors. Companies can leverage all the Trulioo platform services with one contract and one integration.

Companies can leverage the drag-and-drop Workflow Studio to build customized, automated verification workflows to match specific market or compliance requirements anywhere in the world. Companies can also connect third-party services, such as Salesforce or DocuSign, to those workflows.

The Trulioo global platform delivers holistic digital identity verification that enables companies to meet customer expectations while expanding globally.