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Trulioo Transactions Surge 34% for Global Marketplaces, 21% for Payments Enterprises in 2024

Dec 19, 2024 - financialpost.com
Trulioo, a leading identity verification platform, reported significant growth in 2024, with a 34% increase in marketplace transactions and a 21% rise in payments. This surge is attributed to the expansion of digital commerce and cross-border payments, projected to grow from $190.1 trillion in 2023 to nearly $300 trillion by 2030. Trulioo's platform is designed to tackle complex digital verification challenges, offering fast, compliant verification to combat threats like deepfakes and identity fraud. The company has enhanced its document verification capabilities, achieving faster processing times and improved fraud detection accuracy.

Trulioo also reported a 325% increase in document verification volume and a 41% rise in business verification match rates. The platform's innovations include expanded data access, advanced AI, and machine learning capabilities, enabling precise verification across 195 countries. Trulioo's comprehensive suite of services supports KYC, KYB, and Anti-Money Laundering compliance, offering customizable onboarding workflows and multilingual support. The company continues to lead in global identity verification, helping businesses meet regulatory demands and build customer trust in the digital economy.

Key takeaways:

Here are four key takeaways from the article in an HTML list format:```html
  • Trulioo reported a 34% increase in marketplace transactions and a 21% increase in payments in 2024, driven by the expansion of digital commerce.
  • The company achieved a 325% increase in document verification volume, with innovations leading to 65% faster processing times and a 50% reduction in false-positive rates.
  • Trulioo expanded its global data access from 500 million to 700 million business entities, enhancing its business verification capabilities.
  • The platform supports verification across 195 countries with over 14,000 document templates and multilingual character recognition, ensuring compliance and adaptability.
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