Monday, June 17, 2024

Trulioo Unveils Advanced Global Person Match Services With Intelligent Routing to Further Enhance Its State-of-the-Art Identity Verification Platform

Trulioo, a leading global identity verification platform, today announced new Workflow Studio capabilities to accelerate person matching worldwide. Trulioo provides an alternative to the complex array of vendors that companies often depend on to ensure reliable person matching through personally identifiable information (PII) and identity documents. The Trulioo platform streamlines the verification of good users through intelligent transaction routing that improves match rates and helps businesses accelerate customer onboarding

Defeating a Legacy Problem

Today’s highly regulated international business environment demands comprehensive, accurate identity verification. But global companies facing stringent regulatory compliance requirements for person matching often resort to multiple vendor solutions, creating complex, time-consuming, tiered functions that result in additional expense and decreased efficiency. 

Trulioo streamlines identity verification and reverification with automated workflows that identify optimal combinations of PII matching, ID documents and watchlists to efficiently verify the right customers. Those capabilities eliminate the need for multiple vendors and complex solution waterfalling. The result is streamlined and efficient identity verification that aligns with the demands of today’s dynamic regulatory landscape. 

“A piecemeal approach to person matching through multiple vendors has been a necessary evil in the industry because incomplete products have failed to meet the challenges of diverse demographics and regional limitations,” said Michael Ramsbacker, Trulioo chief product officer. “The Trulioo breakthrough approach eliminates the need for redundant, complex multivendor verification systems, enabling organizations to quickly and intelligently onboard customers and gain a competitive advantage. The proof is in the platform, and we invite everyone to test it themselves.”

Leveraging enhanced artificial intelligence and machine learning, Trulioo helps organizations assess millions of configurations to ensure the right balance of performance, job processing time and cost. Trulioo applies smart, data-based business logic to adjust in real-time to customers’ PII and funnel them to the most optimized onboarding workflow. That approach ensures maximum performance and good, verified users. 

The Proof in the Platform

A global brokerage and trading platform serving institutional and individual investors has leveraged the Trulioo platform for customized Know Your Customer person match onboarding in 20 markets and Know Your Business in the U.S. Trulioo machine learning algorithms analyzed millions of configurations weighted for cost, performance and job processing time. Trulioo also introduced new thin-file specific, multibureau sources and adapted the company’s verification waterfall. 

As a result, the company’s verification rates jumped more than 7%, which decreased costs per verified user, manual reviews and abandonment. The company’s job processing time dropped by 35%. 

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