At FinovateSpring 2015, Anatoly Kvitnitsky, Director of Corporate Development at Trulioo, demonstrated how our clients use GlobalGateway for instant electronic identity verification in front of a capitvated audience of 1,400 fintech innovators, disruptors, investors, and analysts. After showcasing Trulioo’s cutting-edge technology on-stage, he was immediately interviewed by Zions Direct, an educational resource for investment topics.
Q: What is Trulioo’s innovation? How does Trulioo help fintech?
A: Trulioo provides a data platform that combines unique consumer information around the world. It’s never been done before. We’ve combined over 3 billion consumer identities into one, single platform. The way we do that is we work with over 140 unique data sources.
We take this information, we package it through a single API that our customers use to verify the information of the people that they work with. So, we never send information nor do we store it. We simply provide them with a match or no-match response.
Q: Why choose Trulioo over other identity verification providers?
A: There’s a lot of local sources. For example, there’s a lot of sources in the United States that are just U.S.-centric, and the same goes for a lot of different countries. What we do is we package up all the 40 countries – and we’re adding more each month – into a single API.
So for a customer – and a lot of our clients are going globally – they’re looking at a number of data providers across multiple countries. With Trulioo, they’re able to just use us and meet all their AML/KYC needs for all those different countries with just a single integration point. For them, it’s a lot better to do it that way instead of trying to find each local source for all of the countries that they do business in.
Q: How is Trulioo making an impact in the world today?
A: For consumers, since we’re really targeted on the international market, we’ve targeted the ‘underserved’ 70 percent of the world from countries like China, India, Asia Pacific in general, and parts of Europe. Those consumers have never had access to traditional things that we here in the United States take for granted such as banking, eCommerce sites, and other things that go along with having standardized credit bureaus and banking systems in place.
For instance, the credit bureau business in India is only four years old, so a lot of those people are not verified there. What we do is we combine a lot of different data sources to be able to verify as many of those people as possible.
For the first time with just their mobile device, they’re able to make their first transaction on an eCommerce site or sign up for their first bank. The bank feels comfortable doing business with them because they know they can verify who that person is.
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