“We deeply understand the needs of global companies and are proud to extend improved consumer onboarding to companies doing business in Colombia, the Dominican Republic, Mexico and Uruguay.”
Trulioo has expanded its Latin America coverage of its identity verification products to include access to the Dominican Republic and Uruguay, while also significantly strengthening data sources in Colombia and Mexico.
The KYC specialist’s latest moves will increase its ability to serve customers streamlining operations in Latin America or entering the region, empowered by the new capabilities to reliably verify attributes such as age, identity and address to adhere to Know Your Customer, Know Your Business and Anti-Money Laundering regulations.
One of the challenges in identity verification in Latin America is address standardization, but the Trulioo eIDV service is able to standardize the address information to significantly increase match rates.
Michael Ramsbacker, chief product officer at Trulioo, said: “The establishment and expansion of identity data partnerships across Latin America is integral to our continued ability to meet the evolving needs of our customers around the world. We deeply understand the needs of global companies and are proud to extend improved consumer onboarding to companies doing business in Colombia, the Dominican Republic, Mexico and Uruguay.”
Trulioo covers Brazil, Chile, Costa Rica, Ecuador, El Salvador, Peru, Venezuela
Trulioo is addressing the thriving fintech activity across the region, which increases the need for reliable identity verification solutions.
The Dominican Republic experienced 129% year-over-year growth between 2017 and 2021 in its fintech sector, while Uruguay landed in the top 20 of the Global Fintech Index in 2021, according to the KYC firm, which added that Mexico and Colombia hold the second- and third-largest hubs in Latin America, behind only Brazil.
The firm provides access to more than 450 data sources around the world to perform identity verification for consumers and businesses.
In the LATAM region, Trulioo already boasts a robust coverage in Brazil, Chile, Costa Rica, Ecuador, El Salvador, Peru and Venezuela. The new additions and enhancements include 100% of adult population data in the Dominican Republic and Colombia, 90% of the adult population in Uruguay and significant improvements to a key data source in Mexico that will provide substantial verification rate increases.