Organizations expanding their global presence often turn to digital identity verification that can propel growth, adjust quickly to changing markets and ensure regulatory compliance.

Verifying individual and business identities is fundamental for compliance, fraud prevention, and trust and safety initiatives. But identity verification on a global scale presents complex challenges:

  • Constantly evolving regulations that vary around the world
  • Standalone solutions with limited global reach
  • Multiple vendor contracts and integrations as companies enter new countries or markets
  • Complicated and time-consuming workflow development to achieve compliance and mitigate risk
  • Limited market or country coverage that curbs expansion
  • Lack of expertise in different countries and markets

Inflexible, disparate identity solutions can lead to poor onboarding experiences, limited expansion and higher risk of fraud.

A Global Identity Platform

Trulioo has enabled our partners to accelerate onboarding and provide trust, safety and compliance for more than 11 years. Trulioo has continued to enhance its verification capabilities and has now launched a comprehensive global identity platform.

“We built a platform that solves for the numerous identity verification challenges global enterprises face every day,” said Michael Ramsbacker, Trulioo chief product officer. “Trulioo is the only company that delivers an integrated, high-performance platform with comprehensive capabilities, out-of-the-box processes and models, easy no-code configurability, and the ability to customize and amend functionality. We are giving our customers the power to create verification workflows that best meet their needs with just one contract and in one intuitive platform.”

The Trulioo identity platform enables organizations to smoothly integrate multiple identity services into a single workflow through one contract, one platform and one experience. The global platform enables companies to rapidly expand into new markets with the confidence that they can achieve compliance and mitigate fraud anywhere in the world. 

The Trulioo no-code Workflow Studio enables companies to easily adjust and optimize verification workflows and bypass costly development efforts. With one platform, companies can access personally identifiable information matching, Identity Document Verification, Utility Data for proof of address, Business Verification, watchlist screening and ongoing monitoring, and anti-fraud capabilities.

The Trulioo platform enables:

  • Accelerated global expansion with pre-built workflows tailored to countries and markets
  • Simple workflow optimization to increase verification rates and onboarding volumes
  • Agile workflows that quickly adjust to new regulations or emerging fraud threats

Maximize Verifications and Minimize Risk

A single, comprehensive platform enables companies to more easily manage, analyze and gain insights into match rates and verification performance. Those capabilities help organizations maximize their global reach and conversion rates while accelerating growth.

With a network of more than 450 data sources worldwide, customizable workflows and extensive expertise, the Trulioo global identity platform enables powerful verification that helps organizations:

  • Accurately determine authenticity using artificial intelligence, machine learning and biometric verification
  • Leverage real-time analytics, automated insights and natural language processing to enhance the customer experience
  • Identify anomalies and enhance fraud protection
  • Establish and optimize verification workflows based on best practices and with the help of the Trulioo white-glove service

Agile, intelligent identity verification helps companies fine-tune their risk-based approach so they can quickly onboard good customers while dialing up scrutiny for higher-risk clients.

Building Trust and Confidence

Smooth onboarding experiences build customer confidence and accelerate company growth. Fast, automated, secure identity verification:

  • Makes a strong first impression with customers
  • Reduces strain on compliance, risk and safety teams 
  • Creates time for internal teams to focus on top business priorities 

Companies leveraging the Trulioo platform can dive deeper to  optimize verification performance. Trulioo Navigator integrates customized educational resources about current verification best practices and product capabilities.

A comprehensive understanding of business and identity verification can help global companies anticipate customer needs, deliver more personalized services and strike the right balance between onboarding security and convenience. That approach can drive value throughout the customer lifecycle.

With one platform and one contract, companies can deliver streamlined onboarding and create intuitive user experiences that build trust and inclusivity. The Trulioo platform showcases the company’s expertise and innovation in helping businesses worldwide meet customer expectations while achieving regulatory compliance and optimizing growth. 

The Lightning Network holds the potential to significantly increase transaction speed and volume for the bitcoin payments system.

The network’s capacity passed 5,000 bitcoins in October after exceeding 4,000 in June. Network adoption is growing, though it remains relatively small compared with the payment giants.

“In 2021, Visa handled more than $1 trillion in payment volume and close to 20 billion transactions per month,” according to Bitcoin Magazine, citing Arcane Research. “In comparison, we estimate that the Lightning Network handled about $20 million in payment volume and slightly over 800,000 transactions in February 2022.”

What is the Lightning Network?

The Lightning Network creates a payment channel that enables quick, inexpensive bitcoin transfers for two or multiple parties.

Opening a Lightning channel first requires a bitcoin deposit locked into a joint account. The payer then transfers ownership of deposit portions to the recipient. Either party can close the channel or add to the account. When the channel closes, all transactions are combined and sent to the main bitcoin blockchain, which then settles and validates the account.

That leads to far faster transactions and lower fees. The network can handle 1 million transactions per second, compared with seven per second in the bitcoin blockchain. Lightning Network transactions are instant, while those through the bitcoin blockchain can take more than an hour to settle if the network is crowded.

In June 2022, the average bitcoin transaction fee was $0.73, but reached as high as $34. Transactions through Lightning are less than a penny.

Lightning, KYC and regulations

Sending money through the network can be particularly ideal when the parties trust each other and perform multiple transactions in a Lightning channel. For example, a family member sending remittances back home can pay low fees and avoid other third parties.

In other instances, security concerns can arise. If one party goes offline, for example, the other party can take the money in the account through an offline transaction scam.

A Lightning channel could run thousands of transactions with only the opening and closing requiring the bitcoin blockchain. While that creates more private transactions, it also limits audits that could identify money laundering and other financial crimes.

In general, financial regulators expect payment systems to have licenses and follow Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements. For example, the U.S. Financial Crimes Enforcement Network considers any service that transmits “currency, funds, or other value that substitutes for currency to another location or person by any means” a money transmission service that falls under regulations.

Lightning transfers value, so regulatory obligations could apply to organizations that use the network. Understanding how payments and crypto companies are regulated and deploying best practices can help prevent regulatory scrutiny.

Payments innovation and opportunity

Coinbase, in considering the Lightning Network’s future, suggests “the potential to turn crypto’s most valuable asset into a true medium of exchange has the power to bring greater financial inclusion to anyone with a smartphone.”

Lightning holds promise for instant payments, microtransactions and ultra-low fees. It’s a prime example of how digital payments present innovative opportunities for organizations.

Effective trust and safety programs are at the heart of successful online marketplaces and communities. Those programs rely on digital social platforms that protect people from fraudsters and other bad actors without unduly interfering with the customer experience.

But solving operational complexities of trust and safety programs can be challenging. Different global markets have different standards and expectations. Fraudsters constantly modify their schemes. Customer verification during high-traffic periods can overwhelm teams and technology stacks.

Strategies and systems that can quickly adapt and scale to meet constantly changing marketplace needs offer strong protection for organizations and customers.

In the Future-Proofing Trust & Safety Programs: Tackling Tomorrow’s Problems Today webinar, Trulioo Director, Customer Success Marc Coderre joins Juliet Eccleston, CEO and founder of AnyGood? and chairwoman of the CBI Sharing Economy Council and NED, to discuss those strategies and systems, as well as:

  • The most common fraud threats and business challenges facing marketplaces
  • Tactics and strategies for how marketplaces can tackle those threats and challenges
  • How to build trust and safety programs
  • How to anticipate threats and develop strategies to future-proof trust and safety initiatives

Common challenges facing marketplaces

Marketplaces are a relatively new vector for fraud and present various business risks. Trust can reduce those risks when it’s the cornerstone of digital interactions, ensuring all parties involved in transactions are who they say they are.

Marketplaces and communities can rely on technology to achieve trust. A service provider with a platform approach can orchestrate multiple data and identity partners to ensure users and merchants are verified.

Risk-based approach for marketplaces

Markets, industry segments, vendors and customers pose unique risks. Using one approach for all cases can leave marketplaces either too light on security or too heavy on friction during onboarding.

A risk-based approach allows marketplaces to determine risk profiles, implement effective risk controls and balance the residual risk. They then can adjust due diligence based on parameters that apply to specific situations so onboarding is as smooth as possible for legitimate users while presenting purposeful friction for those who might be fraud risks.

Key benefits of a risk-based approach include:

  1. Building trust and delivering customized onboarding experiences
  2. Meeting regulatory requirements
  3. Protecting customer data

Establishing marketplace trust

Building and sustaining trust requires ongoing diligence. That often means:

  • Keeping abreast of constantly evolving regional and jurisdictional requirements
  • Being transparent about what data is collected and how it’s used
  • Automating secure onboarding that is convenient for legitimate users
  • Leveraging technology and a solutions provider to automate processes
  • Ensuring trust and safety programs are periodically reviewed and visible to internal and external stakeholders
  • Connecting fraud prevention, compliance or other governance teams to make sure efforts are aligned

With an intelligent, deliberate, ongoing risk strategy — and the technology to implement it effectively — marketplaces can meet requirements while ensuring a good customer experience.

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