J.P. Morgan Payments Taps Trulioo for Identity Verification

J.P. Morgan Payments Taps Trulioo for Identity Verification
  • J.P. Morgan Payments has selected Trulioo for identity verification tools.
  • Trulioo’s Person Match and Identity Document Verification will offer verification of consumers and businesses.
  • J.P. Morgan Payments processes more than $9 trillion in payments each day in over 160 countries and 120 currencies.

Trulioo announced today that J.P. Morgan Payments has tapped it for fraud prevention. JPM Payments will leverage Trulioo’s consumer and business verification tools.

“We chose [Trulioo] because of its breadth of personally identifiable data sources, impressive match rates, and global footprint,” said J.P. Morgan Payments Managing Director- Global Head of Trust & Safety Ryan Schmiedl. “Trulioo has the trusted authentication and verification experience we want to offer clients and additional layers of protection from fraud during the onboarding experience and beyond.”

JPM, which processes more than $9 trillion in payments each day in over 160 countries and 120 currencies, will leverage Trulioo’s global payments and trust and safety models. Specifically, JPM will use Trulioo’s Person Match and Identity Document Verification to offer verification of both consumers and businesses.

“With real-time access to hundreds of government registries, public records, data sources and document types, we can verify people and businesses globally, leaving no space for bad actors and, ultimately, help J.P. Morgan clients adhere to the highest of standards, no matter where their clients operate,” said Trulioo CEO Steve Munford.

Canada-based Trulioo, which was founded in 2011, helps organization navigate compliance by offering real-time verification of more than five billion people and 700 million business entities worldwide. Last month, Trulioo added intelligent transaction routing to its identity verification orchestration platform. The company has raised $475 million.

Photo by Eren Li

Trulioo Examines Challenge of Business Identity Theft in New Survey

Trulioo Examines Challenge of Business Identity Theft in New Survey

A new survey from identity verification platform Trulioo reveals that nearly 80% of responding organizations have suffered from business identity theft. Business identity theft involves defrauding, extorting, or stealing money from a company. The data comes from Trulioo’s Global Know Your Business (KYB) Survey, conducted last month. The review included responses from 705 professionals in banking, payments, e-commerce, trading, health care, and the public sector.

“Our global KYB survey shows that 79% of companies have been affected by business identity theft,” Trulioo Chief Product Officer Michael Ramsbacker said. “Fraudsters all too often find an open door by using stolen business identities.”

In addition to the high number of companies reporting experience with business identity theft, the survey noted that more than a third of those responding (34%) said that they were not happy with their current business verification vendor. These respondents cited issues with data accuracy, international coverage, and meeting compliance regulations as the major challenges to effective and efficient business verification.

To this end, Ramsbacker underscored that Trulioo’s approach helps businesses deal with this specific attack vector by enabling companies to conduct business verification as part of the onboarding process. “(Our) platform allows our customers to deploy onboarding workflows that verify the user submitting the business information is affiliated with the business,” Ramsbacker explained. “Trulioo provides multilayered business verification and global data sources, all through one platform, to help organizations thwart those fraud threats and achieve compliance in countries around the world.”

More than 50% of survey respondents came from businesses reporting annual sales of more than $500 million. A majority of the survey respondents reported verifying more than 100 businesses a month. The survey respondents were geographically diverse, hailing from North America, Central and South America, Asia-Pacific, Europe, the Middle East, and Africa.

A Finovate alum since 2014, Trulioo won Best of Show for its demo at FinovateEurope last year. The company returned to the Finovate stage this March, showing how its global identity platform provided a comprehensive suite of services to verify both individuals and businesses. More recently, Trulioo launched its Advanced Global Person Match Services with Intelligent Routing offering. This solution adds to the capabilities of Truiloo’s Workflow Studio, a component of the company’s identity platform.

“The Trulioo breakthrough approach eliminates the need for redundant, complex multivendor verification systems,” Ramsbacker explained, “enabling organizations to quickly and intelligently onboard customers and gain a competitive advantage.”

Headquartered in Vancouver, British Columbia, Canada, Trulioo provides real-time identity verification of more than five billion people and 700 million businesses around the world. Founded in 2011, the company has raised more than $474 million in funding from investors including Goldman Sachs and Blumberg Capital. Steve Munford is CEO.

Be sure to check out Trulioo’s upcoming webinar – Optimize Onboarding to Maximize Revenue – coming at 10am Eastern on Tuesday, October 31.

Photo by kat wilcox

Optimize Onboarding to Maximize Revenue

Optimize Onboarding to Maximize Revenue

Markets around the world have shifted from a growth-at-all-costs mentality to a more targeted approach that emphasizes onboarding the right customers while decreasing acquisition costs. But costs alone don’t tell the whole story. Successful customer onboarding strategies take into account risk tolerance, user experience, abandonment rates, operational costs, and the lifetime value of a good customer.

In this webinar, we’ll share how some of the world’s leading fintechs have optimized their onboarding to realize double-digit verification rate increases in key markets, improve onboarding rates, and gain significant operational savings.

Zac Cohen from Trulioo will share firsthand insights, including:

  • Key strategies to immediately optimize onboarding
  • How analytics changes the game for consumer and business verification
  • Real-world examples of how optimization can improve performance, speed, and the customer experience

Efficiencies deployed only during lean times can lead to short-term gains. But optimization with an eye toward the future can drive a long-term competitive advantage.

In collaboration with

Why Your KYB is Only as Good as Your KYC

Why Your KYB is Only as Good as Your KYC

In 2022, global fines for failing to prevent money laundering (AML) and other financial crime surged more than 50 percent, totaling more than $2 billion in the banking sector alone. With the ever-increasing complexity of AML regulations and the global nature of financial services, financial institutions are investing more resources into compliance and due diligence to protect their businesses. 

Join us for an engaging conversation about the complexity of Know Your Business (KYB) and Know Your Customer (KYC) regulations and discover how a single, integrated identity platform can help streamline the process of truly knowing the entity and the people you are doing business with.

In this webinar, you will learn: 

  • The latest trends in KYB and KYC and how to protect your business
  • How artificial intelligence can help streamline tedious, manual verification processes
  • New strategies for verifying people and businesses with an integrated identity platform

In collaboration with

FinovateEurope Talks: How Trulioo Helps Banks with Identity Verification

FinovateEurope Talks: How Trulioo Helps Banks with Identity Verification

Last month at FinovateEurope, we spoke with Trulioo Chief Product Officer Michael Ramsbacker to gain some insight on how financial services institutions can overcome challenges related to identity verification.

Tune in to this four-minute video to hear what Ramsbacker has to say about fraud, challenges in identity verification, and Trulioo’s global digital platform.

Photo by Brett Jordan on Unsplash

FinovateEurope 2023 Sneak Peek: Trulioo

FinovateEurope 2023 Sneak Peek: Trulioo

A look at the companies demoing at FinovateEurope in London on March 14. Register today and save your spot.

Trulioo is the identity platform global businesses turn to for growth, innovation and compliance. Trulioo is the end-to-end identity verification platform.


Quickly build, launch and optimize onboarding workflows through Workflow Studio or connect to specific verification services through API Direct.

Why it’s great

No matter a company’s needs and requirements, Trulioo enables a company to smoothly connect their system with Trulioo’s solutions.


Michael Ramsbacker, Chief Product Officer
Ramsbacker has more than 20 years of experience in the strategic execution of product strategies, particularly for the business-to-business technology industry.

Ben Penning, Director, Product Management
Penning is the Director of Product Managment at Trulioo. Prior to working at Trulioo, Penning was a Senior Product Manager at ServiceNow.

Trulioo Unveils New Global Identity Verification Platform for Individuals and Businesses

Trulioo Unveils New Global Identity Verification Platform for Individuals and Businesses
  • Trulioo unveiled a new global identity verification platform this week.
  • The new offering combines both individual and business verification with no-code workflow building, low-code integrations, and more into a single platform.
  • A Finovate alums since 2014, Trulioo won Best of Show in its most recent Finovate appearance at FinovateEurope last March.

Identity verification specialist Trulioo launched a new global identity verification platform this week. The new offering combines individual and business verification solutions with no-code workflow building, low-code integrations, and more in a single platform. The platform will give companies the ability to provide a streamlined onboarding experience, as well as the kind of intuitive user experiences that help build both trust and inclusivity.

“Trulioo is the identity platform businesses turn to in order to solve the inherent complexity in onboarding customers globally,” Trulioo CEO Steve Munford said. “We enable businesses to offer their goods and services in nearly every country in the world and remain compliant. We provide our customers with industry-leading capabilities backed by best-in-class customer success so they can focus on their business and customers.”

With a single contract, the new offering will enable Trulioo customers to readily access:

  • Personally identifiable information matching
  • Identity document verification
  • Utility data for proof of address
  • Business verification for in-depth person-of-significant-control
  • Ultimate-beneficial-owner verification
  • Watchlist screening and monitoring
  • Anti-fraud capabilities

“Trulioo is the only company that delivers an integrated, high-performance platform with comprehensive capabilities, out-of-the-box processes and models, easy no-code configurability, and the ability to customize and amend functionality,” Trulioo Chief Product Officer Michael Ramsbacker said. “We are giving our customers the power to create verification workflows that best meet their needs with just one contract and in one intuitive platform.”

Founded in 2011 and headquartered in Vancouver, Canada, Trulioo has been a Finovate alum since 2014. Demoing its latest technology on the Finovate stage most recently at FinovateEurope 2022 in London, Trulioo won Best of Show for its GlobalGateway Business Verification to Identity Verification workflow. This functionality, using Trulioo’s GlobalGateway Orchestration, enabled easy-to-do business verification, simple verification of owner identities, and world-class orchestration and workflow building.

The company’s new product launch this week comes as a growing number of businesses are pursuing opportunities in online commerce, mobile payments, and digital currencies. And while these avenues represent significant innovation and progress, they also bring with them new concerns over fraud and financial crime. Being able to know your customer, know your business, identify money laundering and more have become critical – and complex – compliance issues for businesses of all sizes. As such, it is as important for growing companies to have a verification solution that is customizable to their particular needs and workflows, while at the same time providing the requisite scale to support rapidly expanding enterprises. This is especially true when it comes to international expansion.

Trulioo’s platform reaches more than five billion consumers in 195 countries, and enables companies to access more than 450 data sources globally to provide broad, comprehensive identity and business verification. The company has raised more than $474 million in funding from investors including TCV, which led Trulioo’s $394 million Series D round in 2021; and Goldman Sachs, which led the company’s $52 million Series C in 2019.

Photo by Min An

Accelerating Product Innovation to Address Increasing Regulatory and Compliance Concerns

Accelerating Product Innovation to Address Increasing Regulatory and Compliance Concerns

This is a sponsored post by Trulioo, Gold Sponsors of FinovateSpring 2022.

Companies around the world are facing increased pressure to ensure they are monitoring and screening new and existing customers against applicable sanctions lists. While having a comprehensive screening program is nothing new for regulated companies, the current regulatory climate has demonstrated that companies need to be prepared to balance the need for increased speed and thorough compliance.

As a global service provider, Trulioo must continuously innovate to meet an increasingly diverse range of regulatory compliance requirements that its customers face. Whether it’s data protection or Anti-Money Laundering (AML), the pace and scale of change for laws and regulations across the globe continue to accelerate.

Managing a rapidly evolving landscape with the updated GlobalGateway

Without a way to accurately verify identities, the digital world is vulnerable to becoming a place where criminals will have the upper hand. To protect people and information, a robust digital identity solution provides a wide range of benefits including reduced onboarding costs, mitigating breaches and the fines they incur. Ultimately, digital identity is the foundation for building meaningful and sustainable relationships with customers.

This is why Trulioo has released its latest GlobalGateway platform update: to enable businesses in a wide range of sectors to protect customers and themselves from rapidly-changing risks, and to ensure they meet all regulatory requirements.

From straight-forward eIDV to document verification, GlobalGateway has always been designed to provide customers with any combination of verification methods. The platform now delivers new, innovative capabilities to address the changing needs of customers and the market as a whole, both at the point of onboarding and beyond.

The updated platform comes with three key new capabilities: Advanced Watchlist, UtilityID, and enhanced Business Verification. These new services streamline the onboarding of users and businesses, as well as providing continuous monitoring for fraud, money laundering, and illicit behavior throughout the customer lifecycle.

Removing friction in document verification with UtilityID

UtilityID is a consent-based identity verification service that uses utility provider data, such as bills and records, to verify addresses. It removes the need for the manual download, upload, and scanning of documents and other high-friction document verification processes. With UtilityID, Trulioo customers can meet Proof of Address compliance requirements in real-time, provide a faster onboarding experience, gain a higher level of address accuracy, and significantly reduce operation times associated with manual utility document verification and review.

UtilityID is offered via the same API as all other GlobalGateway solutions, making integration easy for customers and giving them full control over the user journey and experience for the businesses they serve.

Introducing Advanced Watchlist

Also updated is the Trulioo AML Watchlist, which provides increased coverage and the ability to conduct all forms of watchlist tracking. It is an ongoing monitoring service performing Know Your Customer (KYC), sanctions, and AML checks that ensure customer userbases are at the lowest risk of:

  • Sanction list presence
  • Fraud
  • Money laundering
  • Corruption
  • Financial crimes
  • Terrorism

Some examples of the watchlists Trulioo screens against include: OFAC, U.N. Terrorism list, EU Sanction Lists, Her Majesty’s Treasury, and INTERPOL.

As one of the most complete watchlist services on the market, GlobalGateway Watchlist is the AML compliance solution of choice for the world’s largest global marketplaces, financial institutions, and trading platforms. It’s fully integrated into the GlobalGateway platform and connects to customers’ eIDV onboarding journeys via a single API integration. AML Watchlist ensures the integrity of your userbase at the point of onboarding and continuously thereafter, as it’s able to screen and continuously monitor against 6,000+ global watchlists and 20,000+ Adverse Media lists.

This improved capability increases accuracy and minimizes manual checks and reviews, potentially saving customers millions of dollars in increased operational efficiency and reduced manual oversight.

Enjoy Enhanced Business Verification

GlobalGateway also allows companies to verify a business’ details anywhere in the world, from high-level data to stringent Ultimate Beneficial Owner verification. It leverages revolutionary intelligence to address the complex challenges of conducting business at an international level, including managing varying regulations, diverse standards for Business IDs, addresses and local languages, as well as automatically selecting the best-suited source of information. Trulioo’s unmatched global network of data sources allows Know Your Business (KYB) customers to easily access accurate and up-to-date information that supports compliance requirements and due diligence.

An updated results panel also allows customers to rely on a single, authoritative view of the businesses being verified. This removes the need for businesses to spend time figuring out which business they need to do a deeper level of due diligence with. Trulioo Business Verification customers will also benefit from improved performance and data quality. All of this is supported by a revamped API guide with new FAQs and best practices.

With Trulioo, no matter what your needs are or where you want to conduct business, you’ll receive a made-to-measure solution, built with purpose, for you. For more information, or to book a demonstration of the Trulioo GlobalGateway platform, please visit www.trulioo.com.

Photo by Pixabay

Talking Best of Show with Greg Palmer and the Finovate Podcast – On Video!

Talking Best of Show with Greg Palmer and the Finovate Podcast – On Video!

Join Finovate VP and Host of the Finovate Podcast Greg Palmer as he shares his video conversations with Finovate Best of Show winning companies.

Greg Palmer talks with Irfan Khan, CEO, and James Goodwin, Director of Business Development, with mmob. FinovateEurope 2022 Best of Show winner. Demo video.

“What mmob does is solve the pain points on two sides of an ecosystem. On one side for third party product providers and service providers, we integrate all of their products and services onto our network. Then we also make that seamlessly accessible through to larger distribution channels so their products and services can be integrated natively.”

Greg Palmer catches up with Hal Lonas, Chief Technology Officer with Trulioo. FinovateEurope 2022 Best of Show winner. Demo video.

“(Identity verification) is very challenging, especially when you look at it as a global problem. Every region, every geography has a little bit of a twist. People may not have consistent addresses in some countries, or may not have a track record with a financial institution or a utility compared to some other places. So identity verification is very, very difficult and made much more complicated if you operate in a lot of countries or incorporate a lot of data sources.”

Greg Palmer talks with Sylvain Forté, CEO and co-founder of SeSAMm, which won Best of Show honors at FinovateEurope 2022. Demo video.

“We are an AI company focused on analyzing billions of articles and messages from the web in real -time using a technology called Natural Language Processing (NLP). We basically process text data and we derive insights that are consumed by financial professionals and corporates. We have the ability to screen an enormous, 20 billion articles and messages and to detect things like environmental, social, and governance risks; early warnings; analyzing competitors; measuring sentiment on companies and on concept.”

Greg Palmer chats with Tamás Braun, International Sales Director with FinovateEurope 2022 Best of Show winner, Finshape. Demo video.

“Finshape is a new brand in the digital banking market. It has come about with the merger of two companies: BSC (Banking Software Company) and W.UP. With the combined force of these two companies, Finshape now has about 700 people with a hundred banking clients across the globe as clients and partners across four continents. We’re very proud to have built this digital powerhouse and we’re looking to do a lot more in shaping the future of digital banking.”

Stay tuned for more videos from Greg Palmer and the Finovate Podcast’s Conversations with Best of Show winners.

Photo by Donald Tong

Fintech Merger and Acquisition Activity Starts Strong in Q1 2022

Fintech Merger and Acquisition Activity Starts Strong in Q1 2022

While 2021 was a record year for fintech merger and acquisition (M&A) activity, 2022 is off to a great start.

According to FT Partners, there were 1,485 M&A deals in the fintech space totaling $348.5 billion in 2021. As Square’s $29 billion takeover of Afterpay demonstrated, last year’s massive volume is partially thanks to multiple large deals.

This quarter, only eight of the 21 deals initiated disclosed financial details. Of those, the deal volume added up to almost $5 billion.




While experts predict that 2022 M&A activity will likely see momentum from 2021, there are two aspects to watch out for this year. First, we will not see as many SPACs as we saw last year. This may decrease the number of companies choosing to exit this year. Second, fintech valuations are deflating after experiencing huge rises over the course of the past two years. While the loss in value won’t directly impact the number of M&A deals, it will decrease the deal volume.

Photo by Martin Lopez

FinovateEurope 2022 Best of Show Winners Announced

FinovateEurope 2022 Best of Show Winners Announced

Day One of FinovateEurope is in the books. The demos are done and, now that the votes of our attendees have been counted, we are happy to introduce the winners of Best of Show for FinovateEurope 2022.

Dreams for its engagement banking platform, rooted in cognitive and behavioral science, that offers a unique way to engage your customers. Demo.

Finshape for its technology that helps banks win the race for digital customers through ready-made digital products and custom delivery services. Demo.

mmob for its technology that makes embedded finance easy and empowers consumer-facing fintechs to supercharge their growth through embedded finance partnerships. Demo.

SESAMm for its technology that leverages big data and artificial intelligence to provide investment signals to investors. Demo.

Trulioo for its global identity verification technology that helps organizations mitigate risk, reduce fraud, and scale compliance programs globally. Demo.

Thanks to all of our demoing companies, our speakers and presenters, our sponsors and partners, and our outstanding audience of both in-person and digital attendees. Be sure to stay connected to the Finovate blog and social media @Finovate to keep up with the latest from our FinovateEurope companies and presenters.

Notes on methodology:
1. Only audience members NOT associated with demoing companies were eligible to vote. Finovate employees did not vote.
2. Attendees were encouraged to note their favorites during each day. At the end of the last demo, they chose their three favorites.
3. The exact written instructions given to attendees: “Please rate (the companies) on the basis of demo quality and potential impact of the innovation demoed.”
4. The five companies appearing on the highest percentage of submitted ballots were named “Best of Show.”
5. Go here for a list of previous Best of Show winners through 2014. Best of Show winners from our 2015 through 2021 conferences are below:
FinovateEurope 2015
FinovateSpring 2015
FinovateFall 2015
FinovateEurope 2016
FinovateSpring 2016
FinovateFall 2016
FinovateAsia 2016
FinovateEurope 2017
FinovateSpring 2017
FinovateFall 2017
FinovateAsia 2017
FinovateMiddleEast 2018
FinovateEurope 2018
FinovateSpring 2018
FinovateFall 2018
FinovateAsia 2018
FinovateAfrica 2018
FinovateEurope 2019
FinovateSpring 2019
FinovateFall 2019
FinovateAsia 2019
FinovateMiddleEast 2019
FinovateEurope 2020
FinovateFall 2020
FinovateWest 2020
FinovateEurope 2021
FinovateSpring 2021
FinovateFall 2021

Photo by cottonbro from Pexels

Trulioo — Making Waves through Innovation and Inclusion

Trulioo — Making Waves through Innovation and Inclusion

The digital economy is rapidly growing. With the pandemic accelerating the urgency for agility, adaptability and transformation, traditional business models are being disrupted. It’s estimated that over the next 10 years, 70% of new value created in the economy will be based on digitally-enabled platform business models.

Meanwhile, research regarding global GDP is forecasting that digitally transformed enterprises will reach 53.3 trillion USD by 2023, making them account for more than half of the overall nominal GDP. As the digital economy continues to revolutionize the way we do business, companies are looking to optimize their onboarding workflows for a seamless user experience while continuing to meet Know Your Customer, Anti-Money Laundering and other regulatory and fraud prevention requirements.

With blue ocean opportunities for global growth and prosperity on the horizon, it’s clear that digitally-enabled business models will soon reign supreme in the global economy.

Elevating identity programs with advanced orchestration

By next year, it’s estimated that 75% of organizations will be using a single vendor with strong identity orchestration capabilities for identity proofing and affirmation, which is up from less than 15% in 2021. At a time when securing digital identities is a greater challenge than ever before, this sharp increase in demand for all-in-one vendor solutions is a testament to the pains businesses and their customers are experiencing with current workflows.

Typically, most legacy identity and authentication solutions require companies to cobble together different technologies as their needs and regulations have evolved. As a result of this siloed approach, Frankensteined technology setups put a strain on businesses as they are costly and time-consuming to maintain while also requiring an immense amount of heavy lifting from customers.

Say hello to Trulioo GlobalGateway Orchestration

For the past 10 years, Trulioo, the global leader in identity verification, has been on a mission to build a leading end-to-end identity platform that will enable everyone, in every country, to participate in the digital economy in real-time.

As consumers increasingly interact and transact online, the demand for reliable and robust identity verification services and technology continues to surge.

With this in mind, it only made sense for Trulioo to partner with HelloFlow — an innovative no-code, drag-and-drop builder of client onboarding and monitoring digital workflows.

Through the recent acquisition of HelloFlow, Trulioo is able to bolster its position as a trusted global platform for verifying businesses and individuals while offering advanced orchestration with unmatched capabilities. With a best-in-class, intuitive workflow builder, it will be even easier for customers to customize and deploy its global identity API — Trulioo GlobalGateway.

Backed by advanced orchestration from Trulioo, businesses will be able to seamlessly create multi-product verification workflows and smooth onboarding experiences for their customers, all while keeping their data secure. By bringing together several aspects from the employee and customer journey, businesses can alleviate the pains that are often associated with:

  • Registrations and logins
  • Identity verification
  • Ongoing authentication

With the ability to verify identities, businesses and documents, GlobalGateway Orchestration will combine user onboarding and verification to make it easy to:

  • Build and launch workflows
    At the heart of GlobalGateway Orchestration, the flow builder will allow you to build an integrated workflow that connects verification solutions.
  • Monitor and optimize workflows
    GlobalGateway Orchestration allows for high-level monitoring and testing of workflows by providing in-depth performance metrics including verification rates, country data and even deeper case-by-case reviews of client data.

Are you ready to future-proof your business?

As your business grows and your needs evolve, it’s important to work with a company that can grow alongside you.

No matter the size of your business, where you’re located or where you’re looking to go, Trulioo has the customizability to get you there. With experience in multiple markets and multiple countries, Trulioo has a team of growth specialists ready to help you future-proof your business, this year and beyond.

To find out how your business can begin leveraging an identity verification platform that’s built for change, visit the Trulioo website or you can see them at FinovateEurope 2022 in booth #37.

Photo by Axel Antas-Bergkvist on Unsplash