Trulioo has updated its coverage across Latin America, expanding access to the Dominican Republic and Uruguay and significantly strengthening data sources in Colombia and Mexico.
Latin America is the second-fastest-growing region globally for crypto transactions, achieving 40% year-over-year growth in 2022. The region also is establishing strong footholds in areas such as gaming, streaming and social media influencing.
Fintech activity across the region is also thriving. The Dominican Republic experienced 129% year-over-year growth between 2017 and 2021 in its fintech sector, while Uruguay landed in the top 20 of the Global Fintech Index in 2021. Mexico and Colombia are leaders in fintech, holding the second- and third-largest hubs in Latin America, behind only Brazil.
Increasing need for identity verification
Organizations expanding in Latin America or just entering it are searching for ways to match the region’s rapid growth with accelerated, secure onboarding. Reliable, easy-to-use identity verification helps organizations comply with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations and strengthen their risk-mitigation programs.
The enhanced Latin American coverage from Trulioo enables organizations to reliably verify attributes such as age, identity and address. Address standardization across Latin America can vary, making it a challenge to achieve high match rates. But Trulioo standardizes address information, significantly increasing those rates for stronger experiences and a broader customer base.
“The establishment and expansion of identity data partnerships across Latin America is integral to our continued ability to meet the evolving needs of our customers around the world,” said Michael Ramsbacker, Trulioo chief product officer. “We deeply understand the needs of global companies and are proud to extend improved consumer onboarding to companies doing business in Colombia, the Dominican Republic, Mexico and Uruguay.”
One global solution
Intelligent identity verification helps simplify expansion into new markets. With one API integration, Trulioo enables organizations to efficiently add those markets.
But entering a market is just the start. Optimizing identity verification performance with powerful data coverage and intelligent KYC match engine capabilities helps create customer onboarding experiences that deliver strong results. Automated, flexible identity verification that enables organizations to fine-tune the process to match specific scenarios enhances security to keep bad actors out and build trust.
The Latin America additions and enhancements include 100% of adult population data in the Dominican Republic and Colombia, and 90% in Uruguay. Significant improvements to a key data source in Mexico will provide substantial verification rate increases. That is on top of robust coverage in Brazil, Chile, Costa Rica, Ecuador, El Salvador, Peru and Venezuela.
The Latin America expansion further strengthens the Trulioo commitment to helping organizations quickly and securely onboard customers and grow into new markets around the world.