A Canadian-based provider of identity verification services for banks and e-commerce sites has merged its individual products into a cloud platform, promising to make it easier for organizations to build their own workflow solutions.
Trulioo said Tuesday that the integrated platform, also called Trulioo, will help corporate customers deploy, modify and maintain identity verification services at a lower cost than before.
“Trulioo customers can design, build, deploy and maintain identity solutions in the platform with a single contract [with us] to help onboard new users and businesses, scale globally and adapt to evolving compliance challenges and broad problems,” Michael Ramsbacker, the company’s chief product officer, said in an interview.
Trulioo provides two services: By linking to over 400 identity data sources such as credit rating bureaus and government driver’s licence databases, businesses can verify that a new individual customer is who they say they are, and they can verify who the real owner of a business is.
Its previous way of offering services was through individual products, which were also cloud-based. Trulioo provided an application programming interface (API) for each point solution. After that, business customers were on their own for building the business logic and infrastructure needed to turn the offerings into combined practical services.
The new platform gives business customers no-code workflow building and low-code integration capabilities for Trulioo’s services. This comes from merging the capabilities Trulioo got from its 2022 acquisition of Denmark-based HelloFlow, a drag-and-drop solution for client onboarding monitoring and digital workflow.
The new Trulioo Portal provides single sign-on access to all verification services. It includes Workflow Studio, a no-code workflow builder allowing users to rapidly build, configure and deploy logic-driven identity workflows; API Direct, the ability to connect any Trulioo service to an existing system through a single low-code API; and Navigator, an online education hub making solution and industry expertise accessible with guided workshops and training on best practices.
Ramsbacker wouldn’t estimate how much the new platform could save customers.
He did say that next on the company’s roadmap for the platform are fraud and risk management solutions.
With the rise of identity theft across all industries, digital identity verification (IDV) is becoming more central to building compelling customer digital journeys, Merrit Maxim, research director of Forrester Research’s security and risk practice, said in an email. “The surge in digital-only interactions over the last 3 years spurred by the pandemic has further placed a premium on implementing identity verification to reduce fraud and support compliance initiatives such as KYC and AML. This announcement confirms the strong global demand for compelling digital identity verification solutions and demonstrates the continued focus on IDV processes that optimize customer experience and reducing digital friction.”
Trulioo has around 425 employees, roughly 200 of whom are based in Canada. There’s a large research and development staff in San Diego and an engineering team in Romania. It is about to move into a new headquarters in Vancouver.