Trulioo was recently crowned the winner of the Potential for Growth (Problem Solver) category recognized by the Remittances Technology Innovation (RemTECH) Awards at the Global Forum on Remittances, Investment and Development (GFRID2017), which was held at the UN Headquarters in New York on June 15.
More than 500 attendees converged on the awards gala, which showcased the most innovative and outstanding ideas, models and projects designed to improve and advance remittance services worldwide.
Eleven companies from all over the world including Azimo, Safaricom, Xoom, Airpocket, TransferTo and Trulioo received awards while another 10 received mentions.
The timing of this years’ RemTECH Awards, which were developed by remittance expert Hugo Cuevas-Mohr in partnership with Mohr World Consulting and IMTC Conferences, not only brings attention to money transfers and remittance, but also highlights just how fast the industry is growing.
Developments in technology are also shaking up the money transmitter industry. Last year, Western Union teamed up with messaging app, Viber, to allow money transfers to take place through the app and Facebook announced that users can use its Facebook Messenger app to send and receive money. Bitcoin and other digital money payment systems also continue to innovate the digital payment landscape.
In the modern world, financial institutions and businesses in the remittance and money transfer sectors rely on a system of rules and procedures to ensure they meet various compliance standards including Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations.
It is of utmost importance for businesses in these sectors to meet the various regulations and therefore establish a reliable system of controls, allowing them to review and evaluate their customers, their markets, transactions and processes.
Criminal elements have become extremely adept in this digital age, particularly when it comes to using banks and other financial service providers. Due to the global nature of remittances and money transfers, meeting AML and KYC compliance standards is a must – not only does it reduce the risk of fraud, it heightens credibility and lowers operational costs.
Identity verification solutions need to be innovative in order to keep up with the rapidly changing technical world. The impact of mobile and industry also play a huge role in this innovation, as does the constant need for better solutions for verifying entities and businesses.
With Trulioo’s GlobalGateway, online merchants can reduce digital payment fraud by swiftly identifying their customers by running verification checks against various data sources.
The RemTECH awards go a long way in recognizing innovative businesses who are working towards improving remittance services and Trulioo would like to congratulate the other 11 category winners and the 10 companies who received special mentions, as well as the judging panel and organizers, the International Fund for Agricultural Development (IFAD), the World Bank and the United Nations Department for Economic and Social Affairs
The entries were judged by an independent judging panel co-Chaired by US blockchain entrepreneur Greta Geankoplis and Filipino fintech expert Luis Buenaventura with the well-known expertise of Leon Isaacs, Faisal Khan, Yakov Kofner, Sofia Freyder, François Briod, Mehul Dasai and Juan Llanos.
A RemTECH Book was distributed at the United Nations and a digital version of the book can be seen here.
Award winners are as follows;
Judges Overall Favourite Azimo
Mobile Creativity Award Safaricom
Digital Pioneer Award Xoom
Potential for Growth Award Trulioo
Most Innovative Service Award Moneytis
Pioneering Spirit Award Bitso
Networking Hub Award TransferTo
Visionary Award EcoCashDiaspora
Innovative Service Award ComplyAdvantage
Remittances and Financial Inclusion Award Airpocket
Service Originality Award Everex
Voter’s Pick Wirecash