Identity verification platform Trulioo has partnered with cross-border payments solutions company PingPong.
PingPong will deploy Trulioo Business Verification and Watchlist Screening to enhance onboarding and improve payment experiences for customers worldwide.
Headquartered in Vancouver, Canada, Trulioo won Best of Show at FinovateEurope 2022. The company most recently demoed its technology on the Finovate stage at FinovateEurope 2023.
Identity platform Trulioo has teamed up with cross-border embedded payment solutions company PingPong. The company has selected Trulioo Business Verification and Watchlist Screening to reduce manual processes during onboarding and to provide fast, compliant payment experiences to customers around the world.
The partnership comes at a time when cross-border payments are expected to grow at 5.9% CAGR, reaching $50 trillion by 2032. At the same time, there are a range of hurdles experienced by businesses when it comes to cross-border payments. These include managing country-specific regulations, dealing with fraud and financial crime, as well as cumbersome onboarding processes. By deploying Trulioo’s advanced Business Verification and Watchlist Screening technology, PingPong will improve its ability to quickly verify individuals and companies worldwide while shortening onboarding time and reducing other operational challenges.
“The digital payments boom creates an abundance of growth opportunities and a broad attack surface for fraud, meaning enterprises can no longer rely on rigid verification methods,” Trulioo CEO Vicky Bindra said. “Fast, flexible, and scalable verification capabilities deliver the trust and security that form the foundation of global commerce. We’re proud to partner with PingPong to help drive growth and compliance in the cross-border payments industry.”
Trulioo’s Business Verification, or Know Your Business (KYB), features many of the same checks as Know Your Customer processes do. Nevertheless, Trulioo’s offering adds a number of additional verification processes due to the complexity of business registration, ownership data, and, at times, business structure. Business Verification offers easy integration, maximized accuracy, minimal to no manual processes, verification in any language, and continuous performance optimization that evolves its data engine and network of interconnected data sources.
The company’s Watchlist Screening checks individuals and businesses against more than 6,000 international watchlists and 20,000+ adverse media sources. Users can deploy the technology to screen against sanctions lists, check for politically exposed persons, and access print, digital, and broadcast media to gain insights into potential customers, including past criminal activity. The technology provides for fewer false positives, continuous monitoring, and simple integration with existing systems.
“Ensuring compliance while providing world-class, digital-first onboarding for businesses is critical to our global payments infrastructure,” PingPong Global Compliance Officer Julia Yao explained. “As we continue to scale and power cross-border payment services for enterprises of all sizes, automation and smart technology are fundamental to delivering fast, secure payment services. Trulioo is a vital partner as we combine our regional expertise and cutting-edge technology to automate business verification around the world.”
Founded in New York in 2015, PingPong is a leading cross-border payments platform, processing more than $250 billion in cumulative transaction volume. The company’s API-first cross-border payments platform integrates with businesses to send, manage, and receive money faster worldwide. PingPong holds more than 60 financial licenses, operates 32 offices in 15 countries, and employs more than 1,500 employees.
A Finovate alum since 2014, Trulioo won Best of Show at FinovateEurope 2022 and most recently demoed its technology on the Finovate stage at FinovateEurope 2023. At the conference, the Vancouver, Canada-based company demonstrated its identity platform for individual and business verification. The technology features a no-code Workflow Studio and an educational resource hub called Navigator.
Trulioo’s business and individual verification platform covers 195 countries. The platform can verify 14,000+ identity documents and 700 million business entities, and access more than 6,000 watchlists. The company’s technology puts hundreds of predictive risk signals, consortium data, and industry-specific machine learning models to work helping businesses fight fraud and financial crime.
Trulioo’s partnership news comes just weeks after the company introduced Vicky Bindra as its new Chief Executive Officer. Bindra succeeds Steve Munford, who served as CEO since 2020. Bindra comes to Trulioo having worked as Chief Operating and Product Officer at Nuvei and, before that, as Group President and Chief Product Officer at FIS.
“My focus will be on accelerating product innovation, enhancing our global reach and delivering best-in-class solutions to the market,” Bindra said in a statement earlier this month. “I look forward to working with the talented team at Trulioo to advance the company’s position as The World’s Identity Platform.”
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