Mobile ID fills in the gaps left by traditional data sources for greater financial inclusion
Applicant name: Trulioo
Innovation Name: Trulioo’s Mobile ID
Innovation Type: Product
Mission: Mobile ID fills in the gaps left by traditional data sources for greater financial inclusion.
Innovation Description: As part of Trulioo’s Know Your Customer (KYC) service, Mobile ID connects identity data from some of the largest Mobile Network Operators (MNOs) from the around the world to offer mobile identity verification.
In leveraging MNO data, Trulioo’s Mobile ID service is able to verify millions (and soon billions), including populations lacking access to traditional forms of identification – the underbanked. These people are unable to show proof of identity and don’t have access to important services that many take for granted, such as remittances, money transfers, loans, investments, savings, micropayments and more.
Leveraging MNO data through Mobile ID not only helps the financially underserved, it also supports the fast-growing digital payments landscape. Money transfer and remittance businesses must comply with rules and procedures. With Mobile ID, they are able to meet these standards quickly and easily, reaching underserved individuals who require their services, but don’t have access to traditional forms of identification.
Status of Innovation: In-market
Innovation Active Since: 01/24/2018
Applicant Type: Private Company
Headquarter City: Vancouver
Headquarter Country: Canada
Year Founded: 2011
Main Category Choice: Compliance Solution
Why do you think you should win this category?:
Mobile data can help with regulatory compliance in markets with limited AML/KYC data sources or meeting requirements for multiple sources of identity verification such as FINTRAC which calls for two original, valid, current forms of identification from independent sources. A growing space, global spend on AML and KYC information providers was almost US$480 million in 2016.
Mobile data can help solve identity issues for people short on traditional identification – such as the underbanked or immigrants. Even at Trulioo, many of our team members have experienced frustrations opening a bank account in another country – identity verification is in-person or credit issuers can’t issue cards due to past credit data being wiped.
What sets Trulioo apart is our comprehensive coverage for both consumer and business verification and authentication. We offer unparalleled, optimized coverage that streamlines due diligence processes, allows for seamless onboarding, and in turn, increases trust online.
Secondary Category Choice: B2B Solution
Why do you think you should win this category?
Trulioo is the first company in market to offer international mobile identity data to augment existing identity verification procedures, helping businesses expand their operations on a global scale.
Harnessing the power of MNO data is a game-changer for businesses. Not only does it provide enhanced coverage and convenience for identity matching and fraud prevention, it limits the need for clients to burden themselves with time-consuming and costly tasks associated with onboarding and expansion such as securing data vendors, negotiating pricing, vetting sources, integrating multiple times, and meeting relevant data privacy laws.
MNO data represents a technological leap forward for the digital money transfer industry, as well as for financial inclusion, making it easier for people and organizations all over the world to safely transact on a global scale.
Full Name: Kim Hong
Role: VP of Marketing
Full Name: Stephen Ufford
Role: CEO and founder
Full Name: Zac Cohen
Role: General Manager
Full Name: Anne Lawlor
Role: Chief Financial Officer
Trulioo CEO: MNOs Hold the Keys To ID Verification – PYMNTS article: https://www.pymnts.com/mobile/2018/id-verification-mobile-trulioo-banking-data-mno/
Trulioo Transforming Identity Verification with Mobile Data – Payment Eye article: http://www.paymenteye.com/announcements/trulioo-transforming-identity-verification-with-mobile-data/
Trulioo Releases First International Mobile KYC Solution – press release: https://www.finextra.com/pressarticle/72285/trulioo-releases-kyc-tool-for-mobile-operators
The rise in mobile technology and the quest for verifiable identities – The Paypers article: https://www.thepaypers.com/expert-opinion/the-rise-in-mobile-technology-and-the-quest-for-verifiable-identities/771483
Full Name: Kim Hong
Role: VP of Marketing