Improving cross-border business payments

Compared to all the developments in consumer payments, business payment processes are slow, inefficient and outdated. Adding in the complexities of doing business globally makes cross-border payments especially problematic.

But advances in technology, compliance and business processes create significant opportunities to speed payments, decrease fraud and improve integration among numerous stakeholders. And considering the total value of B2B cross-border payments will reach $35 trillion in 2022, efficiency gains will have widespread impacts on operations.

It’s vital to perform Know Your Business (KYB) verification checks at the onboarding stage to help ensure accounts are legitimate. Before any payment, or if account activities significantly change, due diligence into the validity of the account and the risk it poses needs examination such as:

  • Is the company registered?
  • Does the onboarding information match records?
  • Who are the key management and owners?
  • What are the business activities?
  • What transactions will happen?

But the realities of doing business globally often result in answers to these questions that are opaque, complex and difficult to unravel. There can be multiple parties to a transaction, different jurisdictional standards and requirements, layers of ownership, and intertwined corporate structures that contribute to slow and costly business onboarding.

According to Consultancy UK, it takes “90 – 120 days to onboard corporate banking customers. 85% of corporates have poor know your customer (KYC) experience, and 12% are already changing banks as a result.” Bad experiences, lost customers and decreased revenue is problematic for all parties involved.

Fortunately, digital solutions can help automate the process, speed onboarding and control fraud. To help understand the landscape, issues and solutions around business payments, Trulioo and The Paypers are presenting a webinar:

Examining KYB: What’s to Come and How to Prepare

Tue, May 31, 2022 · 7:00 AM Pacific Time (U.S. & Canada) (GMT -7:00)

In a world of instant, cross-border business transactions, it’s clear that the future of online payments is moving towards technological adoption. But despite this growing digital demand, organizations must take action to avoid a fraud crisis. While digital payments offer faster settlement times and lower costs compared to traditional payments, they run the risk of poor onboarding techniques and light Know Your Business (KYB) routines.

Save your spot today to find out how your organization can adjust to the latest developments while remaining competitive with topics that will be covered such as:

  • An overview of payments trends in Europe and the U.S.
  • The state of KYB and why it lags behind KYC
  • Predictions for future-proofing KYB strategies


Erik Howell Partner, Flagship Advisory Partners

Garient Evans SVP, Identity Solutions, Trulioo

Mélisande Mual Publisher and Managing Director at The Paypers

Innovations in business payments

Traditional business payments’ costs, risks and inefficiencies are becoming increasingly unviable as new digital techniques emerge. Understanding the potential pitfalls and opportunities, and these new business processes can help your operations improve payment flows, better manage risk and ensure compliance. Implementing effective digital KYB processes can help initiate a robust business payments program from the onboarding step.

Protecting crypto customers - Webinar

How will the crypto exchanges be regulated? And how should these exchanges build compliance programs to meet their obligations? Similar to other financial services, there’s the imperative to prevent money laundering and other financial crimes. There’s also an economic drive for innovation and promoting decentralization and other cryptocurrency benefits.

While these regulations solidify, crypto exchanges need to understand their current obligations in different global markets. For exchanges to succeed long-term, creating programs that anticipate future requirements and quickly adapt will have a clear advantage over slower-moving organizations.

Robust, holistic compliance solutions will protect your customers now, ensuring that their assets and accounts are as safe as possible in what can be a volatile market. These measures will also protect investors and the industry, helping future-proof your organization. Proactively building dynamic compliance processes enable quick implementation for any market, regulatory demand or risk control.

To help you build strong, flexible, compliant onboarding solutions, Trulioo is sponsoring a Coindesk webinar:

How crypto exchanges are applying compliance frameworks to protect consumers

Thursday, March 31 @ 12:00 p.m. (ET)

As cryptocurrencies go mainstream, experienced and novice investors alike have flocked to digital trading and investment platforms. This surge in popularity has prompted regulatory reform and accelerated the development of new measures to mitigate financial crimes and protect consumers. Join this exclusive webinar to hear how crypto exchanges are future-proofing their onboarding programs to meet compliance obligations and safeguard their users.

Guests include: 

* Torstein Braaten, Chief Compliance Officer, Bitbuy

* Garient Evans, SVP, Identity Solutions, Trulioo

* Nick Lord, Founder, Blue Pool Communications

Crypto regulations in flux

Bitcoin has been around for over ten years, yet regulations are often unclear. For example, paying with Bitcoin is legal in some jurisdictions, while others outright ban it. In El Salvador, it is now legal tender.

On top of that, there are thousands of other tokens with different models, use cases, governance structures and token economics (ownership percentages, supply and distribution). New sub-sectors are quickly gaining popularity, such as stablecoins, DeFi, NFTs and DAOs that bring up whole new regulatory considerations.

Questions about which regulatory agency is best suited to oversee various tokens can lead to confusion, inter-agency disputes and delays. Is a token a security, a commodity or a currency? Multiply this by the global nature of crypto, with all the legal variations and permutations and it’s easy to see why there’s confusion around compliance practices.

When new crypto laws come in, or when regulators formalize new requirements, will your exchange be ready? When you decide to enter a new market, will you have to start from scratch and go through the entire compliance endeavor again? Do you have effective crypto Know Your Customer (KYC) procedures in place? Will you be ready for the next wave of innovation, the next hot market and have your compliance and onboarding systems in place?

The world of crypto moves fast. Ensure you have a compliance framework that can keep up and protects your exchange and your customers.

Visit Trulioo at ICE-London 2022

If you work for a gaming operator, you know it’s a competitive industry. Customers can be fickle, regulators are strict and numerous marketing campaigns target the same audience as you.

To win more customers, you need to be both quick and smart. One factor often overlooked in all the hype is customer onboarding. But it’s a critical element for winning over customers. A process that is too slow or complicated will have prospects clicking over to another app or site. In the Trulioo Online Gaming & Account Opening Report, a survey of U.S. and UK online gamers indicates

80% of online gamers state that they are becoming increasingly intolerant of poor online account opening experiences and will switch to other providers when faced with a suboptimal experience.

Indeed, 53% of online gamers have abandoned the process when opening a new account due to a poor experience, a higher figure than consumers in any other sector, including retail and financial services.

Get players playing

You’ve heard the phrase strike when the iron is hot. When a person visits your online property and wants to start, that’s the opportunity. It would be best to get them playing fast as you won’t get a second chance. Once they are playing, they are much more likely to come back and become a long-term customer.

Simply put, faster onboarding equals more customers.

You also need to ensure that your customer onboarding is fully compliant. You need to perform effective identity verification procedures:

With the right partner, like Trulioo, these measures are done effectively in seconds. The customer provides their information via a simple form fill, and they can start playing almost instantly. They’re happy — they get to place their wager. Compliance is comfortable as the requirements are met. And the growth team is ecstatic since now they’ve got another customer.

A risk-based approach to optimize performance

But not every customer is the same. Some might be big spenders who will place many big bets and pose a different risk profile. Or, perhaps some discrepancies or red flags require more due diligence. Or maybe a customer has started to bet more and crossed a threshold or has some other patterns that need investigation.

Deploying a risk-based approach allows you to dial up the identity verification requirements to match the scenario. You request the customer for additional information, such as:

These additional measures can help increase your identity proofing and fraud prevention measures. With Trulioo, you can automatically modify your onboarding workflows based on hundreds of factors to best suit your criteria with an intelligent risk-based approach.

The proper check at the right time is an approach that serves your customers, compliance and your bottom line.

Maximizing coverage and match rates

The fastest verification doesn’t mean anything if your identity verification service can’t provide a match. If a service doesn’t have good coverage in a country where you operate, that can mean a missed customer. For gaming operators that want to offer their services globally, excellent coverage is paramount to maximizing customer acquisition.

Another critical factor for gaming operator success is identity verification match rates. Excellent match rates lead to quick and seamless customer onboarding, while poor match rates lead to frustrated customers, higher transaction costs, more strain on support and lost revenue.

Make sure your identity verification solution can deliver the coverage and match rates to onboard all the prospective customers your organization attracts.

One global solution

One solution stands out for gaming operators who want to verify anyone; Trulioo GlobalGateway can verify 5 billion people in 195 countries. We are trusted by global banks, Fortune 500 companies, three of the top five crypto companies and online gaming operators worldwide.

With GlobalGateway, you will:

  • Instantly verify the age and identity of users
  • Vigorously meet AML/KYC requirements
  • Seamlessly authenticate ID documents from every country
  • Simple screen users against watchlists

From the power of one API integration to ongoing identity intelligence, expertise and support, we deliver solutions to fuel your growth, whichever market or opportunity you decide on next.

With best-in-class technology and market knowledge, organizations switching to GlobalGateway benefit from seeing their verification rates rise by upwards of 40% compared to their current providers.

Winning races is about having the best talent, training, equipment and attitude. Winning the race for customers is no different. Pick the winning identity verification solution and never look back.

Going to ICE London 2022? Visit Trulioo at Booth N8-150 and learn more.