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Vancouver’s Trulioo offers real-time identity verification for Indian market

verified_cellphoneTrulioo, a Vancouver-based company founded in 2011 that specializes in online identity verification, announced at the Money20/20 conference in Las Vegas that its GlobalGateway platform now offers real-time identity verification in India.

For the fintech industry, online identity verification presents enormous challenges, particularly when it comes to transaction compliance around Anti-Money Laundering (AML) and Know Your Customer (KYC) concerns.

“Jumping 16 spots in the World Economic Forum’s global rankings for competitiveness, India is the world’s fastest-growing major economy,” said Trulioo President Jon Jones. “Businesses from around the globe are making a beeline for India and we are helping them tackle one of the biggest challenges by streamlining their regulatory compliance process from both within India and across multiple jurisdictions.”

A recent report by Snapdeal, India’s largest online marketplace, and KPMG examines the impact of eCommerce on India’s small-to-medium enterprise sector, finding that digital engagement results in a 51% increase in revenue and a 49% increase in profit when compared with offline SMEs.

Additionally, SMEs surveyed by the study reported a 60% to 80% reduction of their distribution and marketing spend.

So eCommerce is dramatically impacting the world’s largest democracy, and along with that come challenges around regulatory compliance.

The addition of India to its GlobalGateway platform brings to 4 billion the number of identities from 40 countries now accessible in real time to Trulioo’s more than 300 clients, which include Stripe, Square, PayPal, WorldRemit, ANZ Bank and Kickstarter.

At the Money20/20 conference, Trulioo CEO and founder Stephen Ufford also participated in a panel discussion relating to Anti-Money Laundering compliance as it relates to digital currencies like Bitcoin.

Fellow panelists included someone working for the U.S. Department of Justice, an analyst from the FBI’s Money Laundering Intelligence Unit and a representative of PwC.

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