The future of KYC (Know Your Customer) is here. Earlier this week, Trulioo launched the first international KYC solution that provides access to 24 of the world’s largest Mobile Network Operators (MNOs). Trulioo clients now have the ability to verify 1.8 billion mobile users worldwide through a single service. Twenty-four MNOs from US, Canada, UK, China, India, Spain, France, and Switzerland will provide mobile identity verification to help meet KYC compliance requirements.
Combining mobile network carrier data with existing KYC sources is a real game-changer. MNOs offer enhanced coverage and convenience for identity matching, fraud prevention, proximity location, device information and call forwarding statuses.
For businesses with customers in markets with less than stellar coverage, the expanded data access and availability portends significantly improved KYC compliance opportunities. For example, if your business has customers in China, Spain and France, the enhanced coverage opens up access to mobile users who were previously difficult to verify through traditional sources.
Stephen Ufford, CEO of Trulioo, told PYMNTS.com in an interview, that the premise of using mobile carriers as a mechanism to verify identities makes sense, as more people are transacting away from big banks and conducting life online. Traditional methods of online authentication don’t capture trusted identities as well as they once did.
“We are finding that young people, immigrants – as the world is becoming much smaller, those regional systems are becoming less effective at including as many people as they were intended to,” said Ufford.
The Future of KYC
Mobile is everywhere. Close to 80 percent of North American, European and Asian Pacific mobile phone users access the internet on their phone, and in some developing markets, mobile is the first point of connection to online commerce. This presents plenty of opportunities to leverage mobile technology during the end client on-boarding process, and immediately verify customers using live mobile network operator data.
“Trulioo has long been heavily investing in MNO relationships to grow our ecosystem of identity verification partners,” said Ufford. “We are very excited to be the first platform to offer the market services from dozens of MNOs through a single contract and API.”
“This really is the future of KYC,” continued Ufford. “One of our missions here at Trulioo is to help our clients offer financial services to the billions of unbanked individuals around the world. Thanks to participating MNOs, these underserved individuals will now be able to open a credit, bank or merchant account by proving their identity with just a few swipes on their phone.”
Offered through Trulioo’s electronic identity verification platform, GlobalGateway, MNO authentication is used in conjunction with over 200 reliable and independent consumer data sources, such as credit, government, and banking to help instantly verify consumers during onboarding. MNOs offer enhanced coverage and convenience for identity matching, fraud prevention, proximity location, device information and call forwarding statuses.
Trulioo’s GlobalGateway offers clients with secure access to 4.5 billion people, 100+ countries, 250 million companies, and 400 data sources through a single API integration. MNO data represents a leap forward for financial inclusion, making it easier for people and organizations all over the world to safely transact on a global scale.