The identity verification market continues to experience significant shifts, with Trulioo, a prominent player in the arena, reporting exceptional growth in its Know-Your-Business (KYB) transaction volume. Between 2023 and the present, the company saw a rise of 1,996% in KYB transactions. This increase marks a substantial step for Trulioo in the identity verification sector. Besides the already notable figures, the company also documented a 102% year-over-year increase. Such expansion emphasizes the burgeoning need for streamlined and effective digital identity solutions within the market, reinforcing Trulioo’s role in facilitating this demand.
How Is the Market Responding to Trulioo’s Growth?
The growth of Trulioo’s KYB and overall U.S. verification volumes reflects a broader industry move towards more integrated systems. Unified platforms are becoming increasingly essential as businesses move away from disjointed, multivendor solutions. These integrated approaches enable firms to streamline processes, consolidate verification systems, and improve efficiency. By shifting to a single, consolidated solution, companies have reported increased verification rates, as evidenced by more than 20 million processed transactions for U.S. customers by Trulioo.
Why Are Companies Choosing Unified Platforms?
Adoption of unified identity verification platforms simplifies operations for organizations. According to a joint study by Trulioo and PYMNTS Intelligence, a significant number of companies observed enhanced management of KYC and KYB processes by using integrated identity platforms. About 94% of surveyed businesses agree that such tools ease tasks, providing more robust identity verification and reducing false positives, fraud, and regulatory risks.
Previously, Trulioo made headlines for its comprehensive identity solutions for a diverse clientele, covering sectors like banks, fintech, and digital marketplaces. Earlier releases hinted at Trulioo’s potential, but recent figures reinforce its competitive edge and market acceptance. Their approach towards a singular platform for global onboarding distinguishes them from rival firms still relying on multiple verification vendors.
“The KYB growth has helped fuel a 134% increase in U.S. verification volume across all Trulioo products,”
according to the company.
The consequences of inefficient digital identity systems extend beyond mere financial cost. According to a report by PYMNTS Intelligence and Trulioo, inadequacies in this area impact customer satisfaction, lead to false declines, and create regulatory exposure. This underlines the necessity for more reliable systems to support businesses in a competitive marketplace.
“The disconnect between perception and performance is costing companies billions of dollars,”
notes PYMNTS, highlighting the gap between a company’s self-assessment and its actual vulnerability to bot-driven fraud.
Companies must navigate an environment with ever-present threats and their digital responses need to keep pace. The data underscore the necessity for effective, comprehensive verification mechanisms that not only protect but also foster trust and satisfaction among users. Enterprises that embrace innovative identity technologies may better secure their operations andimprove market presence.
