Trulioo Transactions Surge 34% for Global Marketplaces, 21% for Payments Enterprises in 2024

VANCOUVER, British Columbia — Trulioo, a leading identity platform renowned for its extensive global coverage in person and business verification, has reported a remarkable 34% increase in marketplace transactions and a 21% increase for payments enterprises over the past year. This surge highlights the rapid growth of digital commerce worldwide.

The uptick in transaction volume signifies how payment and marketplace platforms are adapting to a booming e-commerce sector. Analysts predict that the value of e-commerce and cross-border payments will rise significantly, swelling from $190.1 trillion in 2023 to nearly $300 trillion by 2030.

As businesses face an influx of new users globally, they are increasingly turning to Trulioo for fast and compliant digital verification solutions. Trulioo’s services help safeguard against sophisticated fraudulent activities, including deepfakes, injection attacks, and synthetic identity fraud.

Trulioo's CEO, Steve Munford, stated, “In the face of escalating digital commerce and the associated challenges of fraud, global marketplaces and payment solutions rely on Trulioo to bolster compliance and build trust within their digital platforms. Our system is meticulously designed to tackle complex cross-border verification challenges efficiently and economically.”

Unlocking Verification Technology

Trulioo has enhanced its verification technology, resulting in an impressive 325% increase in document verification volume by the end of 2024. This growth is largely a result of recent innovations that have led to:

• Accelerated Processing: Companies utilizing Trulioo’s document verification services reported processing times that are 65% quicker. This enhancement facilitates faster customer onboarding and operational efficiency, with 99% of transactions being completed in under two seconds.
• Advanced Fraud Detection: Trulioo employs sophisticated fraud detection mechanisms powered by AI, achieving a 50% reduction in false-positive rates during independent assessments. This robust system effectively identifies threats, including injection attacks and account takeovers.
• Innovative AI and Machine Learning: Trulioo leverages proprietary AI algorithms to create accurate governmental ID templates by analyzing various data points from each document, ensuring unrivaled precision.

The integrated Trulioo platform offers significant benefits to global enterprises by incorporating data, document, and business verification in a streamlined workflow. This approach allows organizations to swiftly comply with Know Your Customer (KYC) and Know Your Business (KYB) regulations, with many clients utilizing the platform to seamlessly combine these verification processes.

Enhancing Business Verification

Trulioo's advancements in business verification capabilities have driven a notable 41% rise in match rates for entities, including small businesses and sole proprietorships. Key enhancements in KYB services include:

• Timely Data Updates: Trulioo refreshes its business data up to four times a day, ensuring clients have access to the most current and accurate information available.
• Expanded Data Reach: The data access provided by Trulioo has expanded from 500 million to 700 million business entities globally.
• Localized Data Solutions: Trulioo’s advanced language capabilities allow it to verify over 400 different business registration number formats across 50 countries, thus accommodating specific domestic needs and ensuring accurate, compliant results.

In the U.S. market, Trulioo reports business verification rates exceeding 95%, thanks to its diverse data set.

Leading the Way in Global Identity Verification

Trulioo continues to set industry standards in KYC, KYB, and Anti-Money Laundering efforts, with a focus on adaptability and precision. The platform features numerous advancements including:

• Support for local languages, document formats, and cultural contexts across 195 nations.
• Over 14,000 document templates with a recognition system that accommodates multilingual scripts, ensuring comprehensive verification across complex regions.
• Flexible onboarding workflows, dynamic translation features, and fully localized user interfaces in more than 40 languages.

Munford expressed pride in Trulioo’s role as a leader in global identity verification, stating, “By integrating agility, intelligence, and compliance, we equip businesses to meet regulatory challenges and boost customer confidence. Our commitment to innovation remains strong, enabling us to provide the tools and capabilities required for business success in the future.”

For further details about Trulioo and its services, visit Trulioo.

transactions, verification, fraud