Getting Trulioo‘s Global Business Verification to the point when the process looks simple and seamless to the customer took years of effort but has been well worth it, general manager Zac Cohen said.
Mr. Cohen said Global Business Verification is tailored for know your customer, know your business, anti-money laundering (AML) and customer due diligence.
It offers a gateway to information on 250 million businesses in more than 80 countries, more than 180 government registrars and public records, official company documents from government registers and ultimate beneficial owners (UBO). Through a single API the customer gains access to consumer and business document verification and AML screening.
Business verification is a growing challenge in an era of micro businesses where many companies may never see customers face-to-face, Mr. Cohen said. Verification for those companies requiring extra due diligence required weeks to order and assess documents and to identify each individual UBO.
“What used to take weeks now takes minutes,” Mr. Cohen said.
He added that Trulioo has spent the last couple of years fostering relationships with each of those data sources and completing the back-end heavy lifting to integrate them into the technology.
“That’s our special sauce,” Mr. Cohen said. “We are a nimble startup, so we prioritized certain markets which simplified the process at the beginning.”
The information gathering process is different depending on the part of the world you are dealing with, Mr. Cohen explained. In North America, most information sources are well-established while in other regions Trulioo is developing more data points to paint a more complete picture for clients. More quality data is being generated in Asia, for example, with both India and China looking to standardize and improve information collection.
But each area is still unique, so Trulioo had to take a special approach with each one.
“In a mobile-first world, we have to use what’s in the market and what makes them unique,” Mr. Cohen explained. “What is it about a developing market another underbanked (that defines them)?What is a strong identifier of who they are?
“We need to focus on what they provide that makes them unique and then transform that into a dataset.”