Summary
Trulio with their Mobile ID innovation impressed judges across every judging criteria, from originality to implementation, making them the clear Category Winner for Compliance Innovation. RemTECH judge and Executive Director at JP Morgan Chase for real-time payments US launch, Sofia Freyder cited, “global compliance and regulatory challenges,” as the industry hurtle she is most interested in finding innovative solutions towards. The Compliance Innovation was certainly a category to keep an eye on.
Trulio’s Mobile ID uses the data of mobile money operators to produce an identification for senders, who typically have difficulty proving their identity. Particularly for anti money laundering compliance, this innovation helps ease the regulator, MSB, and sender all at once by leveraging existing infrastructure. Perhaps these are the reasons one anonymous judge decided to award Trulio’s Mobile ID with an additional Mention award for Wide-Ranging Potential stating:
“Trulioo’s entry was the most compelling entry for me. The effectiveness and simplicity, and wide ranging potential of the Mobile ID solution really stood out.”
RemTECH Co-Chair Olivia Chow explains:
“By leveraging existing industry data to provide better value to customers, Trulioo’s Mobile ID was the only entry to win both an award and a mention from RemTECH judges truly validating the need for and ingenuity of their solution.”
Judges Scorecard
The judging panel used the RemTECH Awards 2018 voting decentralized application developed by Yokip Consulting with Horizon State technology, which stores each of the judge’s ballots on the Ethereum blockchain by category via a category-specific smart contract. The results for Trulioo’s Mobile ID are publicly visible for audit on the Ethereum explorer at the following Compliance Innnovation smart contract address. This data is unalterable. The judges and entries were assigned reference numbers to maintain their anonymity. We’ve decided to only reveal the reference numbers’ of the winners. Trulioo’s Mobile ID is cba31922-0a3f-4c69-a6ab-15e10b61ac34. The scoring from the judges are presented below for readability with additional averages calculated for analysis and to determine winners.
| Judge Hash | JC1 | JC2 | JC3 | JC4 | JC5 | JC6 | Judges Avg |
|---|---|---|---|---|---|---|---|
| 856D3A3AD0F26699B07BEC82FAA2F346 | 7 | 8 | 8 | 8 | 7 | 8 | 7.7 |
| E3B1CFE4688BB4141A1DDFB4204E92BC | 6 | 7 | 6 | 6 | 7 | 7 | 6.5 |
| 5C611C9E05AE19B52BD72FBF50F41371 | 6 | 7 | 7 | 7 | 7 | 6 | 6.7 |
| F48751185220E681CF858B00B122D89E | 8 | 8 | 7 | 8 | 7 | 8 | 7.7 |
| 93E2443F5362A64718D06347961ADFDD | 7 | 7 | 8 | 8 | 6 | 8 | 7.3 |
| AD1795784C5BFCD57130BAB876625A0B | 9 | 8 | 9 | 9 | 9 | 9 | 8.8 |
| 6CF7AE3670C13B95898FD3F9662984ED | 8 | 6 | 7 | 8 | 6 | 8 | 7.2 |
| OVERALL AVERAGE | 7.3 | 7.3 | 7.4 | 7.7 | 7.0 | 7.7 | 7.4 |
| CATEGORY AVERAGE | 6.0 | 5.8 | 5.7 | 5.7 | 5.5 | 6.3 | 5.8 |
| PERCENT DIFFERENCE | 22% | 25% | 31% | 36% | 28% | 22% | 27% |
JC1=Originality, Creativity & Intent; JC2=Functionality & Technical Qualities; JC3=Ease of Use & Adoption; JC4=Game-changer; JC5=Implementation & Performance; JC6=Sustainability & Potential for Growth
Industry Choice Award
The RemTECH Awards is designed to showcase the latest in remittance innovation to the industry. Trulioo’s Mobile ID will be presented their award at the ceremony, which is hosted at the Global Forum on Remittance, Investment and Development (GFRID 2018) organized by the Bank Negara Malaysia, the International Fund for Agricultural Development (IFAD), and the World Bank in Kuala Lumpur, Malaysia.
The Trulioo’s Mobile ID will also make it on to the ballot of the Industry Choice Award. All registered GFRID 2018 participants will have the opportunity to cast their ballot in this last part of the RemTECH competition. For the past ten years, the GFRID gathers Member States, international organizations, private sector, and civil society from different regions of the world with the aim of raising awareness, and promoting dialogue and collaboration between stakeholders over the most pressing issues facing migrant remittances towards sustainable development. GFRID 2018 participants will represent stakeholders in the remittance industry, particularly in Asia-Pacific, and will make for qualified voters in this final award.
The industry vote will also be using the Yokip Consulting and Horizon State blockchain voting application. In this version, the votes will not only be stored on blockchain but also will be tallied using the application without any additional human interference.
About The RemTECH Awards
The RemTECH Awards were created by IMTC Conferences to highlight the important role of technology in achieving United Nation’s SDGs. Since 2017, they showcase ground-breaking solutions that contribute to the development, transparency, speed, cost, and reliability of the remittance industry. The Director of the RemTECH Awards, Hugo Cuevas-Mohr, stated: “We are extremely happy to be a platform for companies, start-ups, and entrepreneurs who are changing the industry of remittances for good, to get global acknowledgement of their hard work. Remittances are a celebration of the hard work, sacrifice, and generosity of international workers, and we are very proud about highlighting people that will help the industry to better itself.”
For further questions, comments, and concerns on winner selection contact RemTECH Co-Chair Olivia Chow at o@yokip.consulting or on Twitter @OYokip
For press inquiries contact Marketing Coordinator Florencia Miller at florencia@imtconferences.com