Insights & Analyses

Trulioo’s Global Business Verification solution uses AI to quickly verify identity

October 4, 2017

Trulioo this week announced its new Global Business Verification solution, providing clients with the ability to validate companies automatically through artificial intelligence, potentially providing expedited verification via a low-cost solution.

Trulioo’s real-time Global Business Verification will verify information such as a business’s registration number, company name, address, status, key management personnel, and date of incorporation. The information is intelligently verified through a query of hundreds of government registers and public records.

The new verification system aims to provide an easy and affordable way to conduct due diligence on business entities around the world. It will be offered through the GlobalGateway platform, and combines Electronic Identity Verification and ID Document Verification solutions.

“The application of Optical Character Recognition (OCR) technology in our Global Business Verification product helps automate compliance workflows by extracting data from official documents retrieved from government registers,” Trulioo Chief Executive Stephen Ufford said. “And with use of both Artificial Intelligence (AI) and Natural Language Processing (NLP), extracted data can be reliably allocated into searchable fields where it is then delivered into a formatted and consumable report, which can be reviewed during the due diligence process.”

Customers will also be able to request business registration documents with shareholder information and annual reports from applicable in-county registers, then identify the primary beneficaries or ultimate beneficial owners to perform watch list checks.

Tasks like verifying entity details, performing watch list checks, and identifying and verifying UBOs are all accomplished through a single API integration. Trulioo’s services assist clients in meeting compliance requirements while onboarding customers, helping to mitigate risk and reduce fraud while adhering to current and future compliance regulations.

Trulioo and Ufford took part in OWI’s KNOW Identity Conference in May, where the CEO participated on a panel entitled “Facilitating E-Commerce in a World Where Everyone is a Merchant.” The company was also recognized earlier this year as a 2017 CNBC Disruptor 50 Company, identifying it as one of the country’s most ambitious and innovative companies changing the economy.