RegTech 100 company Trulioo has expanded its AML and KYC service to the Philippines to help its remittance market.
Trulioo’s bank-grade online verification platform, GlobalGateway, helps organisations comply with anti-money laundering and customer due diligence requirements by automating know your customer and know your business workflows.
Headquartered in Vancouver, Canada, Trulioo leverages optical character recognition, natural language processing, and AI technology to enable clients to evaluate new and existing customers and business entities in real-time.
The company’s solution will help with verification of remittances in the Philippines which, according to World Bank, is the third largest recipient of remittances following India and China. It also states that remittances are the largest source of foreign exchange income, representing 10 per cent of GDP last year.
Trulioo CEO Stephen Ufford said, “The Philippines is a remittance hub. Having access to a global identity verification solution with comprehensive coverage safeguards against nefarious activities such as money laundering and fraud while helping to keep remittance costs low for senders and recipients.
Remittance inflows reached around $33bn last year, and are continuing to rise, according to Trulioo. The UK is second to the US in the remittance flow into the Philippines.
“Businesses want to take full advantage of today’s digital and borderless economy. And in order to do that, having a comprehensive solution built specifically for the international market with maximum coverage, flexibility, and customisation will produce greater efficiencies as the business scales into new markets.”
Last month, Trulioo partnered with Acuant to provide its own services with document authentication. The deal sees Acuant’s AssureID provider its data capture, auto-fill, document authentication, and facial recognition software to Trulioo’s GlobalGateway API.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
